Ripple Donates to PAC


read
CoinChapter.com
on


Google News

NAIROBI (CoinChapter.com) - Ripple has significantly increased its support for crypto political advocacy by donating $25 million to Fairshake, a well-known federal crypto super PAC. The donation is in addition to Ripple's $25 million donation in 2023, bringing its total donation to the committee to $50 million. The company aims to elect crypto-friendly candidates and challenge those who are against crypto.

Excerpt from Ripple CEO’s post on X

Major contributions from industry giants

Fairshake PAC, which focuses on electing crypto-friendly candidates, has raised more than $100 million. Major donors include Coinbase, Gemini, Andreessen Horowitz, and ARK Invest. Ripple's contribution is significant, highlighting its commitment to influencing political outcomes that favor crypto.

Screenshot of BSCN post

The 2024 elections are critical to the cryptocurrency industry. Fairshake’s $10 million campaign against Councilmember Katie Porter, who is known for her opposition to cryptocurrency, is an example of the industry’s influence on the committee. This targeted strategy demonstrates the industry’s commitment to creating a favorable regulatory environment.

Ripple's push for cryptocurrency regulation and humanitarian efforts

Brad Garlinghouse criticized the SEC's regulatory approach and advocated active legislation. Ripple's ongoing dispute with the SEC began in 2020, driving its political involvement. Garlinghouse emphasized Ripple's determination to promote regulatory reform, saying:

Fairshake has supported candidates across party lines, though it leans slightly toward the Democratic Party. Key Republicans like Patrick McHenry, as well as Democrats like Josh Gottheimer and Ritchie Torres have received support. Ripple’s support for Fairshake highlights its strategic push to influence cryptocurrency regulation.

The company's significant financial support for Fairshake highlights its role in shaping the future of cryptocurrency regulation in the U.S. By advocating for a positive regulatory environment, it aims to protect millions of American cryptocurrency users and promote innovation. As the 2024 elections approach, the cryptocurrency industry remains deeply involved in political advocacy, seeking to secure favorable legislation.

Screenshot of Ripple’s post on X

Ripple also showed its humanitarian side by pledging $100,000 to support flood relief efforts in the southern Brazilian state of Rio Grande. The donation, made in XRP, will support a fundraising campaign launched by Bitso and BRLAdigital to support organizations such as Ação da Cidadania and SOS Rio Grande do Sul Fund.

Ripple will match its employees’ donations 2 to 1 to show solidarity with the affected communities. This move highlights Ripple’s commitment to global humanitarian causes beyond political and financial affairs.