Ripple Donates Another $25M to Crypto Super PAC Fairshake

Ripple added another $25 million to the coffers of Fairshake, the federal crypto super political action committee (PAC) that is spending big to support crypto-friendly Congressional candidates this election year.

Ripple also donated $25 million to Fairshake in 2023, bringing its total contribution to the political action committee (PAC) to $50 million.

Ripple’s donations account for roughly half of the more than $100 million Fairshake has raised from major players in the crypto space, including cryptocurrency exchanges Coinbase and Gemini, venture capital firm Andreessen Horowitz and asset manager ARK Invest.

Many in the crypto industry see the 2024 elections as a critical opportunity to elect pro-crypto candidates and unseat not-so-friendly candidates like Congresswoman Katie Porter (D-Calif.), an ally of Sen. Elizabeth Warren (D). -Mass.), whose bid for the Senate was suppressed with the help of Fairshake’s $10 million campaign.

In an announcement Wednesday, Ripple described its contribution to Fairshake as “part of an industry-wide effort to advance policies that support the next generation of financial innovation in the United States.”

The announcement specifically discussed the role of federal regulators, stating that the US Securities and Exchange Commission’s (SEC) approach of “trying to regulate crypto through enforcement” has failed and that the US must act now to create a “positive regulatory environment” for crypto. This will encourage innovation.

“Our contributions to Fairshake are just one of the many ways Ripple will actively invest in educating voters about the role crypto will play in the future and the dangers of the anti-crypto stance some policymakers hold in Washington,” said Ripple CEO Brad. Garlinghouse said in a press release. “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. The crypto industry plans to continue to invest heavily in this effort until we see meaningful change.”

In 2020, the SEC accused Ripple of violating federal securities laws, setting off a bitter court fight that lasted years and is still ongoing.