In a May 29 statement, Ripple emphasized that the 2024 US presidential election will be a pivotal turning point for the cryptocurrency industry.
In response, the company donated $25 million to FairShake, a federal super PAC that supports candidates who support cryptocurrency and innovation, bringing Ripple's total contributions to the committee to $50 million.
Notably, FairShake has raised funding from prominent crypto industry firms, including Coinbase, Gemini, and venture capital firm Andreessen Horowitz.
Cryptography Education
Ripple criticized the Securities and Exchange Commission (SEC) for its ineffective enforcement approach to the emerging industry.
The company stressed that while Congress is making progress toward comprehensive cryptocurrency legislation, the U.S. still lags behind other countries with more supportive regulatory frameworks.
As a result, Ripple CEO Brad Garlinghouse said the company is donating to efforts to educate voters about the future role of cryptocurrencies and the risks posed by anti-crypto policymakers.
“Ripple, and the cryptocurrency industry, will not remain silent 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.”
American voters increasingly support cryptocurrencies
Meanwhile, a recent Grayscale survey revealed that major macroeconomic developments and the maturation of the cryptocurrency sector are driving growing sentiment in favor of cryptocurrencies among Americans.
According to the survey, about 47% of American voters plan to include cryptocurrencies in their investment portfolio. Additionally, about 32% of voters said they are increasingly interested in learning about cryptocurrencies as an investment.
The survey also noted that significant events such as the approval of a Bitcoin ETF in January and the Bitcoin halving event in April have led to increased attention on Bitcoin.
Grayscale concluded that the study showed that policymakers and candidates running for office in 2024 should address cryptocurrencies in their policies due to their growing importance.
