In a significant move for the upcoming 2024 US elections, Ripple has injected $25 million into Fairshake, a federal super political action committee (PAC) supporting pro-crypto candidates. This contribution brings Ripple’s total donations to Fairshake to $50 million, nearly half of the super PAC’s funds.
Ripple’s decision underscores its dissatisfaction with the SEC‘s approach to crypto regulation. The firm stresses the critical nature of the 2024 elections, stating, “We must elect leaders who understand this potential and support policies that protect consumers and markets in ways that are fair and innovation-forward.”
Recently, Fairshake allocated $10 million to thwart the Senate bid of Democrat Congresswoman Katie Porter. The crypto industry celebrated another victory when the House passed the Financial Innovation and Technology for the 21st Century Act, despite opposition from the Biden Administration and SEC Chair Gary Gensler. This bill, which provides a regulatory framework for digital assets, faces an uncertain future in the Senate.
Ripple CEO Brad Garlinghouse emphasized, “Ripple will not—and the crypto industry should not—remain silent while unelected regulators actively seek to impede innovation and economic growth that millions of Americans rely on.”
