Ripple Escalates Pro-Crypto Advocacy with $25M Fairshake Fund
Ripple has contributed $25 million to the Fairshake super PAC, aligning with an industry-wide effort to advocate for pro-crypto policies and politicians.
Ripple’s decision to boost Fairshake’s efforts comes amid its own ongoing legal battle with regulatory bodies like the SEC. The agency’s lawsuit prompted the company to take a more proactive stance in advocating for fair and balanced regulation within the industry.
Ripple Advancing Pro-Crypto Agenda
In a press release, Ripple stated that the Securities and Exchange Commission’s strategy of attempting to regulate the cryptocurrency industry through enforcement has proven ineffective.
While Congress is presently progressing with comprehensive legislation for the sector to ensure a bright future for American innovation, competitiveness, and expansion, the United States lags behind other nations that have embraced the asset class and its underlying technology.
Ripple highlighted the critical importance of the 2024 elections for the industry, emphasizing the choice between candidates supporting or hindering technological innovation. It also highlighted the need for leaders who understand and promote policies fostering innovation, consumer protection, and market fairness.
While speaking about the contributing Ripple CEO Brad Garlinghouse said,
“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.”
The exec also added that the company as well as the rest of the industry should refuse to remain silent in the face of unelected regulators’ attempts to stifle progress and economic advancement, which millions of Americans benefit from.
The development comes almost six months after Ripple gave $20 million to Fairshake, which has already used $11.3 million for federal elections. This increase in contributions marks a significant rise in the company’s political activity. According to FEC records, the San Francisco-based company had only donated $500,000 during the 2022 election cycle.
Ripple’s contributions make up nearly half of the $100 million-plus raised by Fairshake from major figures in the cryptocurrency sector, including industry giants like Coinbase and Gemini exchanges, venture capital leader Andreessen Horowitz, and asset management powerhouse ARK Invest.
Ripple-SEC: Legal Showdown
Ripple has been engaged in a prolonged legal dispute with the US Securities and Exchange Commission (SEC) for several years, following accusations by the regulatory watchdog that the company unlawfully raised $1.3 billion through the sale of XRP, which it deemed an unregistered security.
The SEC recently filed a remedies brief contesting Ripple’s stance on penalties in their ongoing legal dispute. It essentially seeks fines against Ripple despite Judge Torres’ ruling that XRP is not a security in programmatic sales. The blockchain company, on the other hand, argued that fines should not surpass $10 million, citing a lack of fraudulent intent. Both parties await a final ruling.
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