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Ripple makes $25 million contribution to spotlight crypto in 2024 elections

Ripple makes $25 million contribution to spotlight crypto in 2024 elections

Ripple has taken a significant step to enhance the crypto sector’s political influence by donating an additional $25 million to Fairshake, a federal crypto super political action committee (PAC) dedicated to supporting crypto-friendly Congressional candidates in this election year.

This latest donation, announced on May 28, 2024, brings Ripple’s total contributions to Fairshake to $50 million over the past two years.

Fairshake, which supports crypto-friendly congressional candidates, has raised over $100 million from major industry players, including Coinbase, Gemini, Andreessen Horowitz, and ARK Invest. Ripple’s contributions alone account for nearly half of this total.

Ripple CEO Brad Garlinghouse emphasized that these donations are part of a larger effort to educate voters on crypto’s future role and counteract the anti-crypto stance of some policymakers in Washington.

“Our contributions to Fairshake are just one of the many ways Ripple will actively invest in educating voters on the role crypto will play in the future and the dangers of the anti-crypto stance some policymakers are clinging to in Washington,” Garlinghouse said.

The announcement specifically discussed the role of federal regulators, criticizing the U.S. Securities and Exchange Commission’s (SEC) enforcement-based approach to regulating crypto as a failure.”

Ripple stated :

 “The time for the U.S. to act is now, We are proud to invest in this effort and contribute to shaping a positive regulatory landscape in the U.S.”

Recent wins and strategic influence

Ripple’s announcement follows a surprising month of victories for crypto firms and investors in Washington. The U.S. House of Representatives passed its first comprehensive crypto market structure bill, which aims to regulate the industry broadly, and now heads to the Senate.

Additionally, the SEC approved key regulatory filings for ether exchange-traded funds (ETFs), marking significant progress towards their availability in the U.S.

Crypto has also emerged as a topic in the presidential race. Former President Donald Trump is now officially accepting donations for his campaign in the form of crypto assets, creating concerns for his opponent’s team. 

In a historic decision, the Trump campaign announced it would start accepting digital asset donations, launching a fundraising page to facilitate this. This move makes Trump the first major party nominee in the U.S. to embrace cryptocurrency donations, as noted in a press release on May 21.

The crypto super PAC network, which includes Fairshake, Defend American Jobs, and Protect Progress, is among the top-raising outside groups this cycle, now holding over $75 million, according to spokesperson Josh Vlasto.

Ripple’s substantial financial backing of Fairshake highlights its strategic push to influence the future of crypto regulation in the U.S.

With the 2024 elections approaching, the crypto industry remains deeply involved in the political scene, aiming to secure favorable legislation for its continued success.

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