Ripple’s $1 million donation to the Commonwealth Unity Fund signals strong support for pro-crypto political initiatives.
XRP’s price surged 3% in 24 hours amid speculation over an ETF, driven by market optimism and trading volume increase.
Ripple’s strategic political contributions aim to shape crypto-friendly legislation and regulatory environments.
Ripple Labs has donated $1 million to the Commonwealth Unity Fund, a newly established super political action committee (PAC) spearheaded by pro-crypto advocate James Murphy, also known as MetaLawMan. This PAC aims to influence the upcoming Senate race in Massachusetts by supporting John Deaton and opposing anti-crypto sentiments represented by Senator Elizabeth Warren.
SCOOP: @Ripple has donated $1M to the Commonwealth Unity Fund, a new super PAC set up by attorney James Murphy aka @MetaLawMan, to unseat @SenWarren and elect @JohnEDeaton1 as Massachusetts’ next Senator. Murphy donated $50K. More details and story to come. pic.twitter.com/32kadpAkE1
— Eleanor Terrett (@EleanorTerrett) July 15, 2024
James Murphy’s Call to Action
James Murphy, expressing his gratitude for Ripple’s support, emphasized the critical nature of the upcoming election in advancing pro-crypto policies. He urged the XRP community, including the fervent XRP army, to rally behind John Deaton’s candidacy and contribute to the Commonwealth Unity Fund’s efforts.
The Commonwealth Unity Fund has received contributions from Ripple totaling $1,050,020, as the Federal Election Commission reported, Strengthening the PAC’s financial position. As of June 30, the PAC had $909,405 in cash, providing substantial funding for its political activities.
Ripple’s involvement in political contributions extends beyond the Commonwealth Unity Fund. Previously, the company donated $50 million to Fairshake, another non-authorized PAC focused on promoting technological innovation and crypto-friendly legislation in the United States. However, Fairshake faced scrutiny from some corners of the crypto community for not aligning with John Deaton’s electoral campaign goals.
Market Response and XRP’s Performance
Amidst favorable advancements in the ETF market, the price of XRP increased by 3% on the last day. With a 56% increase in trading volume, XRP currently trades at $0.5385. Over the course of a day, it reached a top of $0.5682 and a low of $0.5241.The Chicago Mercantile Exchange (CME) and CF Benchmarks have announced new reference rates and real-time indices for XRP, and this price increase corresponds with their releases.
More speculation on an XRP ETF has surfaced following these announcements, with CEO Brad Garlinghouse hinting that progress is being made in the direction of a spot ETF. These events, which point to growing investor interest in the potential of the cryptocurrency, have made the XRP community feel more positive.
The favorable reaction from the market and Ripple’s calculated contributions to political action committees demonstrate the company’s proactive approach to influencing laws and regulations that support blockchain technology. The potential for XRP to flourish in a favorable legal environment is still a source of optimism for supporters of the cryptocurrency, even as talks about institutional adoption and regulatory clarity drag on.
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