Ripple has added another $25 million to the coffers of Fairshake, a federal crypto super political action committee (PAC) that’s spending big this election year to support crypto-friendly Congressional candidates.
Ripple also made a $25 million donation to Fairshake in 2023, bringing its total contribution to the political action committee (PAC) to a whopping $50 million.
Ripple’s donations account for roughly half of the more than $100 million Fairshake has raised from major players in the crypto space, including crypto exchanges Coinbase and Gemini, venture capital firm Andreessen Horowitz and asset manager ARK Invest.
Many in the crypto industry see the 2024 elections as a critical opportunity to elect pro-crypto candidates – and oust less-than-friendly candidates, such as Congresswoman Katie Porter (D-Calif.), an ally of Sen. Elizabeth Warren (D-Mass.), whose bid for Senate was squashed with the help of a $10 million campaign from Fairshake.
In a Wednesday announcement, Ripple attributed its contribution to Fairshake as “part of an industry-wide effort to advance policies that support the next generation of financial innovation in the U.S.”
The announcement specifically discussed the role of federal regulators, saying that the U.S. Securities and Exchange Commission’s (SEC) approach of “trying to regulate crypto by enforcement has failed” and that the U.S. must act now to craft a “positive regulatory landscape” for crypto that will foster innovation.
“Our contributions to Fairshake are just one of the many ways Ripple will actively invest in educating voters on the role crypto will play in the future and the dangers of the anti-crypto stance some policymakers are clinging to in Washington,” said Ripple CEO Brad Garlinghouse in a press statement. “Ripple will not – and the crypto industry should not – keep quiet while unelected regulators actively seek to impede innovation and economic growth that millions of Americans utilize. The crypto industry intends to remain heavily invested in this effort until we see meaningful change.”
In 2020, the SEC accused Ripple of violating federal securities laws, kicking off a bitter years-long court fight that remains ongoing.
