Ripple donates additional $25 million to pro-crypto political committee Fairshake

Ripple announced today its $25 million contribution to federal super political action committee (PAC) Fairshake, in support of pro-crypto political candidates during the 2024 U.S. elections. The donation comes in addition to the $25 million contribution Ripple made to Fairshake last year.

“The Securities and Exchange Commission’s approach of trying to regulate crypto by enforcement has failed,” Ripple said in a Wednesday statement. “The time for the U.S. to act is now. Ripple is proud to invest in this effort and contribute to shaping a positive regulatory landscape in the U.S.”

The blockchain solutions company added that the 2024 elections will be the “most consequential” in the history of crypto that will impact the forthcoming financial and technological innovation. 

"Ripple will not — and the crypto industry should not — keep quiet while unelected regulators actively seek to impede innovation and economic growth that millions of Americans utilize,” Ripple CEO Brad Garlinghouse said in the statement. “The crypto industry intends to remain heavily invested in this effort until we see meaningful change."

Ripple has been battling SEC in court for years after the regulatory agency accused the company of raising $1.3 billion through the sale of XRP, which it saw as an unregistered security.

Crypto agenda

Cryptocurrency has become one of the key issues in the upcoming U.S. election, with the crypto industry and communities pushing for a more crypto-friendly administration. 

Former U.S. President and current Republican presidential candidate Donald Trump has embraced crypto, declaring that he is “very positive and open-minded” to crypto companies. Last week, Trump started to accept campaign donations in crypto. In support of Trump, U.S. Senator Cynthia Lummis, R-Wyo. , said that she is building a pro-crypto coalition within Congress.

More than one-fifth of voters in several swing states, including Michigan, Ohio and Montana, said that they will pay attention to candidates’ crypto stances, according to a poll from DCG earlier this month.