Ripple (XRP) Commits $50M to Pro-Crypto PAC, Boosting Influence Ahead of 2024 Elections

• Ripple has pledged an additional $25 million to Fairshake, a crypto-focused Super Political Action Committee, aimed at supporting crypto-friendly congressional candidates in the upcoming 2024 elections.
• This follows Ripple’s initial $25 million contribution in 2023, bringing its total investment in Fairshake to $50 million.
• “Ripple will not – and the crypto industry should not – remain silent while unelected regulators actively seek to stifle innovation and economic growth that millions of Americans depend on. The crypto industry intends to remain heavily invested in this effort until we see meaningful change.” Garlinghouse stated.

Ripple pledges $25 million to Fairshake, reinforcing its commitment to crypto-friendly policies and candidates.

Ripple’s Strategic Investment in Fairshake

Ripple has announced an additional $25 million donation to Fairshake, a Super Political Action Committee dedicated to supporting crypto-friendly congressional candidates in the 2024 elections. This new contribution doubles Ripple’s total investment in Fairshake to $50 million, underscoring the company’s commitment to advancing crypto-friendly policies in the United States.

Fairshake’s Growing Influence

Fairshake has successfully raised over $100 million from major players in the crypto industry, including Coinbase, Gemini, Andreessen Horowitz, and ARK Invest. This substantial funding highlights the industry’s collective effort to influence the upcoming elections and support candidates who advocate for constructive crypto regulations. Congresswoman Katie Porter (D-Calif.) is one such candidate, having received a $10 million campaign contribution from Fairshake for her Senate bid.

Ripple’s Stance on Crypto Regulation

Ripple has been vocal about its opposition to the U.S. Securities and Exchange Commission’s (SEC) enforcement-based approach to crypto regulation. The company advocates for the development of clear and constructive regulations that foster innovation and economic growth. Ripple’s CEO, Brad Garlinghouse, emphasized the importance of the crypto industry remaining proactive in its efforts to effect meaningful regulatory changes.

Industry-Wide Commitment

Garlinghouse’s statement reflects a broader sentiment within the crypto industry, which views the 2024 elections as a pivotal moment for the future of crypto regulation in the U.S. By investing heavily in Fairshake and similar initiatives, industry leaders aim to ensure that crypto-friendly candidates are elected, thereby promoting a regulatory environment conducive to innovation and growth.

Conclusion

Ripple’s additional $25 million donation to Fairshake signifies the company’s unwavering commitment to advocating for crypto-friendly policies and candidates. As the 2024 elections approach, the crypto industry remains steadfast in its efforts to influence regulatory changes that will support innovation and economic growth. This strategic investment by Ripple and other industry leaders underscores the importance of proactive engagement in shaping the future of crypto regulation in the United States.