'Ripple Pours $25M More into Crypto Super PAC Fairshake
Ripple has made a second $25 million donation to the crypto super Political Action Committee (PAC) Fairshake, adding to the $25 million it contributed last year. This funding, along with contributions from other crypto companies and leaders, aims to promote policies favorable to financial innovation in the U.S.
The Fairshake PAC is focused on supporting pro-crypto and pro-innovation political candidates in the 2024 elections. The PAC and its partners have amassed over $102 million for the election cycle, with significant contributions from key industry figures and companies like Coinbase, Andreessen Horowitz, and the Winklevoss twins.
Ripple has criticized the SEC’s current approach to regulating cryptocurrencies, which relies on enforcing existing laws rather than creating new ones. The company argues that this method hinders innovation and that the U.S. needs to better embrace crypto and blockchain technologies. Despite some progress in Congress towards comprehensive legislation, Ripple and other industry leaders demand broader regulatory solutions to ensure American innovation, competitiveness, and growth.
Ripple's CEO, Brad Garlinghouse, emphasized the importance of the 2024 elections for the crypto industry, noting the critical choice between candidates who support crypto progress and those who do not. He stated that the industry will continue to invest heavily in advocacy until significant regulatory changes are achieved.
Recently, a bill favorable to the cryptocurrency sector was approved by the U.S. House of Representatives. This bill aims to shift cryptocurrency regulation to a more industry-friendly government agency, among other supportive measures.
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