Ripple, a prominent player in the cryptocurrency industry, has recently made headlines by contributing $25 million to the Fairshake super PAC. This move is part of a broader industry-wide effort to advocate for pro-crypto policies and politicians. The decision to boost Fairshake’s efforts comes at a critical time for Ripple, as the company is currently embroiled in a legal battle with regulatory bodies like the Securities and Exchange Commission (SEC).
The Need for Fair and Balanced Regulation
Ripple’s decision to support Fairshake is driven by a belief in the importance of fair and balanced regulation within the cryptocurrency industry. The company has criticized the SEC’s strategy of attempting to regulate the industry through enforcement, arguing that it has proven ineffective. Ripple believes that a more proactive approach is needed to ensure that the sector can thrive and innovate.
In a press release, Ripple emphasized the upcoming 2024 elections as a crucial moment for the industry. The company highlighted the choice between candidates who support technological innovation and those who hinder it. Ripple CEO Brad Garlinghouse stressed the importance of educating voters on the role crypto will play in the future, as well as the dangers of anti-crypto policies. He also called on the industry to speak out against unelected regulators who seek to stifle progress and economic advancement.
Ripple’s Increasing Political Activity
Ripple’s contribution of $25 million to Fairshake marks a significant increase in the company’s political activity. This comes on the heels of a previous donation of $20 million to the super PAC. According to FEC records, Ripple had only donated $500,000 during the 2022 election cycle, making this increase even more notable. Ripple’s contributions now make up nearly half of the $100 million-plus raised by Fairshake from major figures in the crypto sector.
Ripple’s involvement in the political arena comes amidst a prolonged legal dispute with the SEC. The regulatory watchdog has accused the company of unlawfully raising $1.3 billion through the sale of XRP, which it considers an unregistered security. Despite a ruling that XRP is not a security in programmatic sales, the SEC is pushing for fines against Ripple. The company, however, argues that fines should not exceed $10 million, citing a lack of fraudulent intent.
Ripple’s decision to support Fairshake and engage in political advocacy reflects a broader trend within the cryptocurrency industry. As the sector continues to navigate regulatory challenges and legal battles, companies like Ripple are stepping up to ensure that their voices are heard. By investing in political education and supporting pro-crypto policies and politicians, Ripple is positioning itself as a key player in shaping the future of the industry.