Ripple Chips in $25M to Support Crypto Super PAC Fairshake

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Ripple Labs Inc, a digital payment company is leveraging its financial resources to intensify its campaign to support pro-crypto candidates in Congress this election season. The company recently revealed a $25 million contribution to Fairshake, a Super Political Action Committee with a focus on crypto and backed by industry leaders. 

In 2023, Ripple also donated $25 million to Fairshake bringing its overall donation to the PAC to a substantial $50 million.

Fairshake revealed that this donation from Ripple makes up about half of the over $100 million that it has gathered from prominent crypto platforms like Coinbase and Gemini, venture capital company Andreessen Horowitz, and asset management firm ARK Invest.

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Ripple: a need to secure the future with pro-crypto candidates

Ripple CEO, Brad Garlinghouse emphasized that its contributions to Fairshake come off as just one part of its broader efforts to educate voters about the significance of crypto in the future. 

He said it is crucial to raise awareness about the risks associated with policymakers in Washington who oppose crypto and advocate for the industry’s interests. A lot of folks in the crypto world view the upcoming 2024 elections as a vital chance to vote in pro-crypto candidates and remove those who aren’t as supportive. 

Crypto enthusiasts are not in favor of Congresswoman Katie Porter, who is associated with Senator Elizabeth Warren, famous for her critical stance on crypto.

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Recently, Fairshake played a significant role in thwarting Katie Porter’s Senate campaign with a $10 million effort in hopes of preventing the Elizabeth Warren ally from getting into the senate. 

Crypto enthusiasts call for more stable regulations in the industry 

The U.S. Securities and Exchange Commission’s (SEC) strategy of attempting to regulate crypto through enforcement has drawn in enormous rancor. The crypto community has emphasized the immediate need for the U.S. to establish a “favorable regulatory environment” for crypto to encourage innovation.

Coinbase, a big U.S. crypto exchange, recently submitted a petition requiring the establishment of a new regulatory structure for crypto assets. However, the SEC pushed back, saying there’s oversight for crypto and the request could disrupt the existing regulations.

SEC vs major crypto firms in a legal saga

Ripple has been fighting a contentious battle for more than three years with the SEC. The agency contends that Ripple knowingly violated U.S. securities laws by selling its crypto coin XRP to investors without registering those sales with the commission.

In recent years, major crypto exchanges such as Binance, Kraken, Uniswap, VanEck, Gemini, and many others have also encountered legal issues with the SEC. They have voiced concerns about the agency’s regulations on digital assets.

President Joe Biden’s administration, and Gary Gensler, the SEC Chairman, taking a tough stance on crypto have led to significant setbacks for the crypto communities in achieving even more significant strides than it’s currently experiencing.

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