Garlinghouse mentioned that if the currency SEC Chair had not firmly regulated cryptocurrencies then the federal-independent expenditure-only committee, Fairshake would not exist.
The CEO went on to unveil that the firm has spent more than $150 million on legal expenses to protect its position.
As per the CEO, the enforcement actions made an improbable unification within the crypto industry, giving a push to PAC.
Fairshake, a big political action committee funded by crypto dignitaries in the election of the United States was initiated with the purpose of challenging the Chair of the Securities and Exchange Commission, Gary Gensler, as mentioned by the Chief Executive Officer of Ripple, Brad Galinghouse.
On December 6, the CEO of Ripple gave an interview with the prominent media outlet, CBS News in which he mainly discussed the political action committees and their impact on the U.S. presidential election.
The unveiling by Ripple’s CEO
Garlinghouse also mentioned that if the currency SEC Chair had not firmly regulated cryptocurrencies then the federal-independent expenditure-only committee, Fairshake would not exist. He specifically mentioned, “I am not sure Fairshake would exist.”
In that same interview, he mentioned that Fairshake was a joint response to something which is called the “war on crypto”. It is a result of the work upon regulatory elimination by the SEC during the period of Gensler.
As a matter of fact, the SEC has filed over 120 lawsuits against crypto companies such as Ripple Labs, Uniswap, Terraform Labs, Coinbase, Binance, and many others claiming that they have violated securities laws.
The push to PAC
As per the CEO, the enforcement actions made an improbable unification within the crypto industry, giving a push to PAC. He went on to mention, “So if there had been any other chair of the Securities and Exchange Commission than Gary Gensler then I am not sure whether Fairshake would exist or not.
Also, why did these firms unite and organize and say, ‘This matters’? It is a reaction to a war on crypto.” A question was asked whether the PAC is charged with a political motive in mind to which Garlinghouse answered that the mission of the PAC is not influenced by politics.
Instead, it is a substructure to push the balanced legal framework in order to ensure the scalability and growth of blockchain technology in the United States. It is in line with the campaign manifesto of Trump in the 2024 Presidential election. The manifesto mainly highlighted the transformation of the U.S. into a global leader in cryptocurrency.
The CEO went on to unveil that the firm has spent more than $150 million on legal expenses to protect its position. The legal battle revolved around whether XRP should be categorized as exempt from the registration and disclosure requirements related to securities.
The CEO posted on X highlighting that the news segment of CBS had not covered the win of Ripple, which was a decision by the federal judge that XRP is not a security.
