Ripple Boosts Crypto PAC Fairshake with Additional $25M

Ripple has announced an additional $25 million donation to the crypto super Political Action Committee (PAC) Fairshake, raising its total contributions to the PAC to $50 million. This donation represents roughly half of the more than $100 million raised by Fairshake from major players in the crypto industry. The PAC aims to support pro-crypto and pro-innovation political candidates in the 2024 U.S. elections. Ripple CEO Brad Garlinghouse emphasized the need to educate voters on the potential future role of cryptocurrency and the dangers of anti-crypto policies in Washington.

This move comes as part of a broader industry effort to promote policies that foster financial innovation in the United States. Ripple, along with other major contributors such as Coinbase, Andreessen Horowitz, and the Winklevoss twins, aims to influence the regulatory landscape to be more favorable to crypto. Ripple has been critical of the Securities and Exchange Commission’s (SEC) current approach to regulating cryptocurrencies, arguing that it stifles innovation. The company has been embroiled in a legal battle with the SEC, which accused Ripple of raising $1.3 billion through the sale of XRP, which it classified as an unregistered security.