Ripple Labs announced a $25 million contribution to Fairshake, a federal super PAC. Fairshake aims to promote pro-crypto political candidates ahead of the US presidential election. This marks Ripple’s second $25 million donation to Fairshake, making it the super PAC’s most significant donor, with a total of $50 million invested in the last two years.
Ripple Pushes for Crypto-Friendly US Policy
Fairshake receives funding from major players in the crypto industry. It supports Congressional candidates from both parties who advocate for laws encouraging crypto and technological innovation. Ripple’s contributions have significantly increased Fairshake’s funds, bringing the total to over $110 million.
Ripple CEO Brad Garlinghouse emphasized the strategic importance of these contributions. He said Ripple will actively invest in educating voters on the role of crypto and the dangers of some policymakers’ anti-crypto stance.
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Ripple Challenges Regulatory Resistance
Garlinghouse highlighted Ripple’s proactive funding approach. This aims to counter the resistance from confident policymakers and regulators who have not yet aligned with the evolving digital currency landscape. He added that Ripple and the crypto industry will not keep quiet while regulators seek to impede innovation and economic growth.
Ripple’s political contribution strategy comes as the US regulatory environment for cryptocurrencies remains complex and contentious. Ripple itself is embroiled in a legal battle with the SEC over the classification of XRP.
The Influence of Crypto in US Politics
The influence of cryptocurrency on US politics has grown significantly, as evident in recent legislative efforts and political endorsements. Bipartisan legislation to create a friendlier regulatory framework for digital assets has gained traction. Additionally, a controversial SEC rule restricting crypto companies’ access to banking services was overturned by a Senate vote.
Political Backing and Super PAC Involvement
Prominent figures like GOP presidential front-runner Donald Trump have expressed support for digital assets. This could signal broader acceptance and integration of cryptocurrency technologies in government and finance
The role of Fairshake and similar super PACs in influencing election outcomes has been significant. For instance, Fairshake’s $10 million campaign targeting anti-crypto Congresswoman Katie Porter was seen as a decisive factor in her Senate election loss.
