Ripple Boosts Support for Pro-Crypto Political Advocacy with $25 Million Donation to Fairshake PAC
Ripple has taken a significant step in backing pro-crypto political advocacy by contributing an additional $25 million to Fairshake, a prominent federal crypto super political action committee (PAC). This latest donation comes on top of the $25 million previously donated by Ripple in 2023, bringing their total contributions to the PAC to $50 million. The company’s objective is to elect candidates who are supportive of cryptocurrency and challenge those who oppose it.
Major Industry Players Make Substantial Contributions
Fairshake PAC, which focuses on electing candidates who are crypto-friendly, has managed to raise over $100 million. Notable donors include Coinbase, Gemini, Andreessen Horowitz, and ARK Invest. Ripple’s contributions are significant and highlight their commitment to influencing political outcomes that favor cryptocurrency.
2024 Elections Hold Great Significance for the Crypto Industry
The upcoming 2024 elections hold great importance for the crypto industry. Fairshake’s $10 million campaign against Congresswoman Katie Porter, known for her anti-crypto stance, serves as a prime example of the impact the PAC can have. This targeted strategy showcases the industry’s dedication to creating a regulatory environment that is favorable to cryptocurrency.
Ripple’s Drive for Crypto Regulation and Humanitarian Efforts
Brad Garlinghouse, CEO of Ripple, has been critical of the SEC’s regulatory approach and has advocated for proactive legislation. Ripple’s ongoing legal battle with the SEC, which began in 2020, has spurred their political engagement. Garlinghouse has emphasized Ripple’s determination to push for regulatory reform, stating,
Fairshake has supported candidates from both sides of the political spectrum, although it slightly favors Democrats. Key Republicans such as Patrick McHenry and Democrats like Josh Gottheimer and Ritchie Torres have received support. Ripple’s backing of Fairshake underscores their strategic efforts to influence crypto regulation.
The significant financial support provided by Ripple to Fairshake highlights their role in shaping the future of crypto regulation in the United States. By advocating for a positive regulatory environment, Ripple aims to protect the millions of American crypto users and foster innovation. With the approach of the 2024 elections, the crypto industry remains deeply involved in political advocacy as it seeks to secure favorable legislation.
Ripple Demonstrates Humanitarian Efforts with $100,000 Donation for Flood Relief in Brazil
Ripple has also shown its compassionate side by committing $100,000 to support flood relief efforts in Rio Grande do Sul, Brazil. This donation, made in XRP, will aid fundraising initiatives started by Bitso and BRLAdigital, providing support to organizations such as Ação da Cidadania and the SOS Rio Grande do Sul Fund.
Ripple will match donations made by its employees at a 2:1 ratio, demonstrating solidarity with the affected communities. This gesture highlights Ripple’s commitment to global humanitarian causes, extending beyond their political and financial endeavors.
