Ripple, a blockchain-based payment solutions company, has made a generous donation of $25 million to Fairshake, a federal super political action committee (PAC) that supports Congressional candidates who are friendly towards cryptocurrency. This latest contribution brings Ripple’s total donation to Fairshake to $50 million, as they had previously donated $25 million in 2023.
Thanks to Ripple’s significant contributions, Fairshake has managed to raise over $100 million in donations from major players in the crypto industry, including Coinbase, Gemini, Andreessen Horowitz, and ARK Invest. These funds will be used to support the PAC’s mission of influencing the 2024 elections by backing candidates who advocate for progressive crypto regulations and opposing those who do not.
Ripple highlighted the importance of their donation and framed it as part of their broader effort to shape policies that promote financial innovation in the United States. The company criticized the U.S. Securities and Exchange Commission (SEC) for its enforcement-driven regulatory approach, stating that it is ineffective. Ripple called for a more constructive regulatory environment that fosters technological progress and economic growth.
Ripple CEO Brad Garlinghouse emphasized that their contributions to Fairshake are just one of the many ways in which Ripple plans to invest in educating voters about the role of cryptocurrency in the future and the risks associated with anti-crypto policymakers in Washington.
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