Ripple Escalates Pro-Cryptocurrency Advocacy with $25M Fairshake Fund
Ripple CEO Brad Garlinghouse sent a strong message to “backward-looking” legislators that their “failed” policies would not be “tolerated.” Ripple has committed $25 million to the Fairshake super PAC, joining an industry-wide push to support pro-crypto policies and lawmakers. Ripple’s move to bolster Fairshake’s efforts comes amidst an ongoing legal struggle with regulatory agencies such as the SEC. The agency’s action encouraged the corporation to take a more aggressive approach to fighting for fair and balanced regulation in the industry.
Ripple Advancing Pro-Crypto Agenda
In a news statement, Ripple argued that the Securities and Exchange Commission’s attempt to control the cryptocurrency market through enforcement has been futile. While Congress works on comprehensive legislation for the industry to ensure a bright future for American innovation, competitiveness, and expansion, the United States must catch up with other countries that have embraced the asset class and its underlying technology.
Ripple underscored the essential relevance of the 2024 elections for the business, emphasising the decision between candidates who favour or oppose technological progress. It also underlined the need of leaders who understand and advocate for policies that promote innovation, consumer protection, and market justice.
According to Ripple CEO Brad Garlinghouse, “Our contributions to Fairshake are just one of the ways Ripple will invest in educating voters about the role crypto will play in the future and the dangers of the anti-crypto stance some policymakers are clinging to in Washington.”
The executive also stated that the company and the rest of the sector must refuse to keep mute in the face of unelected bureaucrats’ attempts to hinder growth and economic advancement, from which millions of Americans benefit.
The development comes nearly six months after Ripple donated $20 million to Fairshake, which had previously spent $11.3 million on federal elections. This increase in contributions represents a considerable increase in the company’s political involvement.
According to FEC records, the San Francisco-based corporation donated only $500,000 in the 2022 election cycle.
Ripple’s contributions account for approximately half of the $100 million+ obtained by Fairshake from significant figures in the cryptocurrency field, including industry titans such as the Coinbase and Gemini exchanges, venture capitalist Andreessen Horowitz, and asset management juggernaut ARK Invest.
Ripple-SEC: Legal Showdown
As a result of allegations by the SEC that Ripple illegally raised $1.3 billion by selling XRP, which it considered an unregistered security, the company has been engaged in a prolonged legal dispute with the regulator for several years.
As part of their ongoing legal dispute, the SEC recently filed a remedy brief contesting Ripple’s stance on penalties. 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.