Ripple Escalates Pro-Crypto Advocacy with $25M Fairshake Fund

Ripple contributed $25 million to the Fairshake super PAC, in line with industry-wide efforts to advocate for pro-crypto policies and politicians.

Ripple's decision to bolster its Fairshake efforts comes amid its ongoing legal battle with regulators like the Securities and Exchange Commission. The agency's lawsuit prompted the company to take a more proactive stance in advocating for fair and balanced regulation within the industry.

Ripple introduces Pro-Crypto agenda

in press releaseRipple stated that the SEC's strategy of trying to regulate the cryptocurrency industry through enforcement has proven ineffective.

While Congress is currently advancing comprehensive legislation for this sector to ensure a bright future for American innovation, competitiveness, and expansion, the United States lags behind other countries that have embraced the asset class and its underlying technology.

Ripple highlighted the critical importance of the 2024 election for the industry, focusing on the choice between candidates who support or hinder technological innovation. He also highlighted the need for leaders who understand and promote policies that promote innovation, consumer protection and market fairness.

While speaking about Ripple CEO Brad Garlinghouse, he said:

“Our contributions to Fairshake are just one of many ways Ripple will actively invest in educating voters about the role cryptocurrencies will play in the future and the dangers of the anti-crypto stance held by some policymakers in Washington.”

The CEO also added that the company as well as the rest of the industry should refuse to remain silent in the face of attempts by unelected regulators to stifle economic progress and development, which benefits millions of Americans.

The development comes roughly six months after Ripple provided $20 million to Fairshake, which has already used $11.3 million for the federal election. This increase in contributions represents a significant increase in the company's political activity. According to Federal Election Commission records, the San Francisco-based company donated just $500,000 during the 2022 election cycle.

Ripple contributions make up nearly half of the more than $100 million that Fairshake has raised from key figures in the cryptocurrency sector, including industry giants such as Coinbase and Gemini Exchange, venture capital pioneer Andreessen Horowitz, and asset management powerhouse ARK Invest.

Ripple-SEC: Legal Showdown

Ripple has been embroiled in a protracted legal dispute with the US Securities and Exchange Commission (SEC) for several years, following accusations from the regulatory watchdog that the company illegally raised $1.3 billion through the sale of XRP, which it viewed as an unregistered security.

The SEC recently filed a damages summary disputing Ripple's position on penalties in its ongoing legal dispute. It is essentially seeking fines against Ripple despite Judge Torres' ruling that XRP is not a security in automated sales. On the other hand, the blockchain company said that fines should not exceed $10 million, citing no fraudulent intent. Both parties are awaiting the final ruling.