Ripple has added another $25 million to the coffers of FairShake, a federal crypto super political action committee (PAC) that is pouring billions of dollars into supporting crypto-friendly congressional candidates in this year's elections.
Ripple has donated $25 million to FairShake in 2023, bringing the company's total donations to its political action committee (PAC) to a whopping $50 million.
Ripple's donation represents roughly half of the more than $100 million FairShake has raised from leading crypto industry players, including crypto exchanges Coinbase and Gemini, venture capital firm Andreessen Horowitz, and asset management firm ARK Invest.
Many in the crypto industry see the 2024 election as a key opportunity to elect pro-crypto candidates and eliminate less-friendly candidates, such as Rep. Katie Porter (D-Calif.), an ally of Sen. Elizabeth Warren (D-Mass.), whose Senate bid was thwarted by FairShake's $10 million campaign backing.
In a statement on Wednesday, Ripple said its donation to FairShake was “part of an industry-wide effort to advance policies that support the next generation of financial innovation in the United States.”
The announcement specifically discussed the role of federal regulators, stating that the U.S. Securities and Exchange Commission's (SEC) “approach to regulating cryptocurrencies through enforcement has failed” and that the U.S. must act now to create a “positive regulatory environment” for cryptocurrencies that fosters innovation.
“Donating to FairShake is just one of many ways Ripple is actively educating voters about the future role of cryptocurrencies and the dangers of the anti-crypto stance held by some policymakers in Washington,” it said. Ripple CEO Brad Garlinghouse said in a press statement: “Ripple, and the cryptocurrency industry, will not sit back and watch while unelected regulators actively attempt to thwart the innovation and economic growth that millions of Americans rely on. The cryptocurrency industry will continue to invest heavily in this effort until we see meaningful change.”
In 2020, the SEC accused Ripple of violating federal securities laws, setting in motion a bitter and years-long legal battle that continues to this day.
