Crypto campaigning ahead of the US elections later this year continues to accelerate, with Ripple Labs making a $25m donation to the Fairshake political action committee (PAC).
The tech firm and developer of the Ripple payments protocol stated that it is participating in an industry-wide effort to advance policies that support “the next generation of financial innovation in the US”.
Fairshake is a PAC dedicated to supporting the campaigns of pro-crypto political candidates in the forthcoming US elections. The US is set to see two nationwide votes this year, the Presidential election and Congressional elections, as well as 13 state legislative elections.
The assumed presidential candidate, incumbent Joe Biden of the Democratic Party and challenging Donald Trump of the Republican Party, have divided views on crypto, with the former more cautious and the latter highly supportive.
For campaigning companies such as Ripple, ensuring the election of candidates who will pursue a new regulatory approach for US crypto and encourage growth of the market is paramount as voters take to the polls.
In a statement on X, Ripple CEO, Brad Garlinghouse, said: “It’s critical that the US catch up with other leading economies and develop sensible (and CLEAR) rules for crypto.
“Ripple’s latest $25m contribution to Fairshake is an investment in the inevitable march of progress and adoption of Crypto and blockchain technologies – the future of finance – and a message to backward looking politicians that their failed policies will not be tolerated!”
Ripple’s donation – its second political fundraising following a $25m donation to Fairshake in 2023 – comes just under two weeks after the House of Representatives approved the Financial Innovation and Technology for the 21st Century Act (FIT21).
The legislation seeks to strengthen the market and protect digital asset customer-serving institutions and improve transparency and accountability around crypto. It also passed with reasonable bipartisan support, with Republicans almost unanimously in favour and a large minority of Democrats also approving its passage to the Senate.
Although the US is moving forward with legislative changes around cryptocurrency and digital assets, Ripple believes that more is to be done if the country is to secure and maintain a leadership position.
When announcing its donation to Fairshake, Ripple took aim at the Securities and Exchange Commission (SEC), asserting that the regulation by enforcement method “has failed”. It is notable that the Chairman of the regulator, Gary Gensler, is a vocal critic of the crypto sector, and the FIT21 legislation.
In Ripple’s statement, Garlinghouse added: “Our contributions to Fairshake are just one of the many ways Ripple will actively invest in educating voters on the role crypto will play in the future and the dangers of the anti-crypto stance some policymakers are clinging to in Washington.
“Ripple will not – and the crypto industry should not – keep quiet while unelected regulators actively seek to impede innovation and economic growth that millions of Americans utilise. The crypto industry intends to remain heavily invested in this effort until we see meaningful change.”
Ripple’s donation to Fairshake is indicative of how crypto campaigning ahead of the November US elections are heating up. Fairshake is not the only crypto PAC in action, as the Stand with Crypto industry interest group launched its own PAC earlier this month.
