Ripple Expands Cryptocurrency Advocacy with $25 Million Fairshake Fund
Ripple donated $25 million to the Fairshake super PAC, aligning with industry-wide efforts to champion cryptocurrency advocacy policies and politicians.
Ripple’s decision to step up its Fairshake efforts comes amid an ongoing legal battle with regulators such as the SEC. The agency’s lawsuit has prompted the company to take a more proactive stance in advocating for fair and balanced regulation within the industry.
Ripple’s cryptocurrency development agenda
In a press release, Ripple stated that the Securities and Exchange Commission’s strategy of regulating the cryptocurrency industry through enforcement has proven to be ineffective.
Congress is currently advancing comprehensive legislation for the sector to ensure a bright future for American innovation, competitiveness, and expansion, but the United States has lagged behind other countries in embracing the asset class and its underlying technologies.
Ripple emphasized that the 2024 elections are critical for the industry, emphasizing the choice between candidates that support or hinder technological innovation. Also highlighted was the need for leaders to understand and promote policies that promote innovation, consumer protection, and market fairness.
Talking about the contributing Ripple CEO Brad Garlinghouse said:
“Our contribution to Fairshake is just one of many ways Ripple will actively invest in educating voters about the role cryptocurrencies will play in the future and the dangers of the anti-crypto stance that some policymakers are holding in Washington. .”
He added that the company and the rest of the industry must refuse to remain silent in the face of attempts by unelected regulators to stifle the progress and economic development that benefits millions of Americans.
The development comes nearly six months after Ripple donated $20 million to Fairshake, which has already spent $11.3 million on federal elections. This increase in donations signals a significant increase in the company’s political activity. The San Francisco-based company donated just $500,000 during the 2022 election cycle, according to FEC records.
Ripple’s donation represents almost all of the more than $100 million in funding Fairshake has raised from key figures in the cryptocurrency sector, including industry giants such as Coinbase and the Gemini exchange, venture capital leader Andreessen Horowitz and asset management leader ARK Invest. It takes up half.
Ripple-SEC: Legal Showdown
Ripple has been locked in a protracted legal battle with the U.S. Securities and Exchange Commission (SEC) for several years, following regulators’ accusations that it illegally raised $1.3 billion through the sale of XRP, which is considered an unregistered security.
The SEC recently filed a redress brief challenging Ripple’s stance on penalties in the ongoing legal dispute. This essentially imposes a fine on Ripple, despite Judge Torres’ ruling that XRP is not a security for programmatic sales. The blockchain company, on the other hand, argued that the fine should not exceed $10 million due to a lack of fraudulent intent. Both sides are awaiting a final ruling.
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