Payments company Ripple (CRYPTO: XRP) is making a major push to influence the upcoming U.S. elections, pouring another $25 million into Fairshake, a crypto-focused super PAC.
What Happened: This latest donation brings Ripple’s total contribution to Fairshake to $50 million, making them the biggest financial backer of the political action committee, Coindesk reported.
Fairshake, with its war chest now exceeding $100 million, aims to support candidates who favor cryptocurrency regulations that encourage innovation.
The group has targeted lawmakers seen as hostile to crypto, including Congresswoman Katie Porter, whose recent Senate bid was hindered by a $10 million campaign from Fairshake.
Ripple sees the 2024 elections as crucial for shaping the future of cryptocurrency in the United States.
The company believes the current approach of the Securities and Exchange Commission (SEC)—relying on enforcement actions rather than clear regulations—is hindering progress.
Ripple CEO Brad Garlinghouse called for a “positive regulatory landscape” that fosters innovation in the crypto space.
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“Educating voters” about the potential of crypto and the risks posed by “anti-crypto” policies is a key focus for Ripple, according to Garlinghouse.
Their significant investment in Fairshake reflects a broader industry effort to counter what they see as an attempt by some policymakers to stifle innovation.
The ongoing legal battle between Ripple and the SEC, which began in 2020 with accusations of securities law violations, further fuels the company’s desire for a clearer regulatory framework.
With the 2024 elections approaching, the crypto industry’s push for influence is likely to intensify.
Whether this strategy will translate to significant policy changes favoring crypto remains to be seen.
What’s Next: For those interested in the ongoing debate surrounding crypto regulations and their impact on the industry, Benzinga’s Future of Digital Assets event will be held on Nov. 19.
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