Ripple adds US$25 mln for crypto-friendly PAC

Ripple Labs has pledged $25 million to pro-cryptocurrency political action committee (PAC) Fairshake, matching last year’s total.

This brings Ripple’s total commitment to Fairshake to $50 million.

Fairshake PAC’s resources now exceed $102 million, positioning it to support candidates who recognize the impact of cryptocurrencies.

Other industry giants, including Coinbase, Andreessen Horowitz, and the Winklevoss twins, have also made significant contributions, forming a formidable alliance to challenge the Securities and Exchange Commission’s (SEC) current app-centric regulatory approach.

This approach has been criticized as an impediment to the United States’ ability to compete in the international cryptocurrency market.

“Ripple will not remain silent, and neither should the crypto industry, as unelected regulators actively seek to stifle the innovation and economic growth that benefits millions of Americans,” Ripple CEO Brad Garlinghouse said in a press release on Wednesday. said.

The infusion of funds from Ripple is part of a broader attempt by the cryptocurrency industry to influence upcoming elections that are seen as critical to the future of blockchain and fintech.