Ripple Pledges $50 Million to Support Crypto-Friendly US Politicians

Ripple, the issuer of XRP, has announced a $50 million contribution to Fairshake, a super political action committee (PAC) supporting pro-crypto political candidates for the 2024 elections.

This latest investment includes an additional $25 million, doubling its financial commitment from 2023. Ripple’s financial backing is part of a larger initiative among crypto firms to shape policies encouraging financial innovation in the US.

Ripple Buckles up to Support Pro-Crypto Politicians

The industry has rallied against the SEC’s regulatory strategy, which many consider ineffective. Critics argue this approach has hindered US competitiveness in the global crypto sector. Consequently, comprehensive legislation is now advancing in Congress to secure a promising future for American 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. The crypto industry intends to remain heavily invested in this effort until we see meaningful change,” Ripple CEO Brad Garlinghouse stated .

Garlinghouse also emphasized the importance of educating voters about crypto’s potential role in the future and the risks associated with Washington’s anti-crypto stance.

Other prominent figures, like the Winklevoss twins, have donated substantially to Fairshake . In February, they contributed $4.9 million to the super PAC.

Read more: Who Are Cameron and Tyler Winklevoss? A Profile on the Twins

Fairshake has also garnered backing from industry leaders such as Marc Andreessen and Ben Horowitz and major companies such as Coinbase and Circle . Collectively, this coalition has marked a significant increase in the crypto industry’s political involvement.

This robust political engagement is crucial as the 2024 elections approach. Voters will choose between candidates who either see the transformative potential of blockchain and crypto or those who might hinder technological progress.

To influence these pivotal elections, Fairshake has invested over $1.2 million in television ads promoting crypto-friendly leaders. These ads aim to create a favorable political environment for balanced crypto regulations, especially regarding stablecoins.

Public sentiment towards cryptocurrency has also shifted significantly. A recent Harris Poll conducted for Grayscale indicates that nearly half of American voters plan to include crypto in their investment portfolios.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

Notably, 65% of Bitcoin holders view it as an investment in blockchain technology’s future.

Amidst rising inflation , public interest in Bitcoin has surged. Over two-fifths of voters are waiting for clearer policies before investing further in crypto.