Ripple, the digital payments company behind the XRP cryptocurrency, has significantly amplified its political influence by donating an additional $25 million to Fairshake, a prominent crypto-focused Super Political Action Committee (Super PAC).
This latest contribution brings Ripple’s total donations to the PAC to a staggering $50 million, showcasing the company’s determination to shape a favorable regulatory environment for cryptocurrencies in the United States.
TLDR
- Ripple donated $25 million to the crypto-focused Fairshake Super PAC, bringing its total contributions to $50 million.
- This donation aims to support pro-crypto candidates and influence favorable crypto regulations in the upcoming 2024 elections.
- Fairshake PAC has raised over $100 million from major crypto companies like Coinbase, Gemini, and Andreessen Horowitz.
- Ripple’s CEO emphasizes educating voters about crypto’s role and countering anti-crypto stances among policymakers.
- The XRP price could potentially reach $1 due to the surge in XRP Ledger transactions and Ripple’s political lobbying efforts.
The Fairshake PAC, which aims to support Congressional candidates who embrace cryptocurrency innovation, has now raised over $100 million from major players in the crypto industry.
Alongside Ripple’s substantial donations, other notable contributors include Coinbase, Gemini, Andreessen Horowitz, and ARK Invest.
These financial commitments highlight the industry’s recognition of the pivotal role policymakers play in shaping the future of cryptocurrencies.
Ripple’s CEO, Brad Garlinghouse, has been vocal about the need for proactive legislation and has criticized the Securities and Exchange Commission’s (SEC) approach to regulating cryptocurrencies.
The company’s ongoing legal battle with the SEC, which began in 2020 over allegations of selling XRP as an unregistered security, has been a driving force behind its increased political engagement.
Garlinghouse emphasized Ripple’s determination to push for regulatory reform, stating,
“Our contributions to Fairshake are part of a broader effort to educate voters on the role crypto will play in the future and the dangers of an anti-crypto stance.”
This sentiment underscores the company’s commitment to challenging policymakers who oppose the growth and adoption of cryptocurrencies.
RIPPLE GIVES ANOTHER $25M TO POLITICS
– @Ripple has made a significant $25 million donation to the crypto-focused super PAC Fairshake.
– This follows a previous $20 million donation in December 2023, bringing Ripple's total contributions to over $45 million.
– Crypto exchange… https://t.co/GooXdA4Iyg pic.twitter.com/TpjuisxQnb
— BSCN (@BSCNews) May 29, 2024
The Fairshake PAC has supported candidates across party lines, although it has leaned slightly towards Democrats. Key Republican figures like Patrick McHenry and Democrats such as Josh Gottheimer and Ritchie Torres have received support from the PAC.
This bipartisan approach reflects the industry’s recognition that favorable crypto regulations require collaboration across the political spectrum.
As the 2024 elections approach, the crypto industry remains deeply involved in political advocacy, seeking to secure favorable legislation that protects millions of American crypto users and fosters innovation.
Ripple’s significant financial support for Fairshake underscores its strategic push to influence crypto regulation in the United States.
Our thoughts are with those impacted by the catastrophic flooding in Rio Grande do Sul, Brazil. We are committing $100,000 USD to help ongoing relief efforts, with the first donations made in XRP to fundraisers started by @Bitso and @BRLAdigital supporting @acaodacidadania and…
— Ripple (@Ripple) May 28, 2024
Beyond its political endeavors, Ripple has also demonstrated its commitment to global humanitarian causes. The company recently pledged $100,000 in XRP to support flood relief efforts in Rio Grande do Sul, Brazil.
Ripple has announced that it will match donations made by its employees at a 2:1 ratio, further amplifying its impact on the affected communities.
