Ripple Amplifies Political Influence with $25 Million Donation to Fairshake

Ripple has announced another $25 million contribution to Fairshake, a prominent Super Political Action Committee (PAC) dedicated to fostering a pro-crypto environment in U.S. politics. This donation marks Ripple’s second $25 million installment within a year, cementing its position as Fairshake’s top donor with a cumulative $50 million. This funding surge boosts the crypto industry’s political influence fund to an impressive total of over $110 million.

Reason for Ripple’s $25 Million Donation

According to Ripple CEO Brad Garlinghouse, this contribution is a critical component of a broader campaign to educate voters and counteract the resistance from certain policymakers who view cryptocurrency with skepticism. Garlinghouse emphasizes that educating the electorate about the potential benefits of cryptocurrency is paramount, as it plays a pivotal role in the digital economy’s future. 

Legal Hurdles of Ripple

The backdrop to Ripple’s aggressive political funding is its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), which began in 2020. The SEC accuses Ripple of violating federal securities laws by selling its cryptocurrency, XRP, without proper registration. By supporting Fairshake, Ripple not only supports its immediate legal interests but also advocates for a regulatory overhaul that could benefit the entire crypto sector.

How The US Election is Influencing The Crypto Industry

With the U.S. elections looming, the crypto industry is intensifying its efforts to shape the political landscape. Entities like Fairshake have been pivotal, actively participating in election campaigns to support crypto-friendly candidates across both major parties. 

Their recent successes in influencing election outcomes through substantial financial contributions and strategic media buys demonstrate the growing political clout of the crypto industry. As reported earlier, Charles Hoskinson, the founder of Cardano, made headlines by endorsing John Deaton’s senatorial campaign against Elizabeth Warren, known for her critical stance on cryptocurrency.