Ripple has made a $25 million donation to the Fairshake super PAC as it continues to lobby for pro-crypto policies in the US.
While speaking on the donation, the CEO of Ripple, Brad Garlinghouse, noted that the contribution to Fairshake would see Ripple invest in educating more people on the crypto industry.
Ripple has been a victim of the hostile crypto environment in the US. The company, which has been making strides in promoting blockchain adoption, is entangled in a lawsuit with the US Securities and Exchange Commission (SEC).
Ripple Lobbies for Pro-Crypto Policies
In its official statement on the contribution, Ripple noted that the US securities regulator was attempting to regulate the crypto industry through enforcement. However, its efforts towards the same had proven ineffective.
Ripple noted that the donation would support pro-crypto candidates during the 2024 elections. It is not the first time that Ripple has donated to Fairshake, as it made a similar contribution in 2023.
“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,” Garlinghouse said.
The Ripple CEO also urged the crypto community to be actively involved to ensure that innovation and economic growth are supported in the US. As such, the industry needed to invest to achieve a meaningful change.
Ripple CEO Blasts SEC
The executive further challenged the actions taken by the SEC to regulate the industry. He noted that the regulator’s approach to regulating the industry through enforcement had failed.
In the progress of its ongoing legal battle, the SEC opposed Ripple’s stance on penalties. The regulator wants Ripple to pay fines. On the other hand, the blockchain fine believes that the payable penalties should not exceed $10 million.
Nevertheless, he acknowledged the efforts made by US legislators to formulate a clear path toward regulating the crypto industry. He pointed towards comprehensive crypto legislation before the US Congress, supporting innovation, growth, and competitiveness in the US crypto market.
The contribution to Fairshake will help create a favorable regulatory landscape in the US. While the US was lagging behind other countries in regulating the crypto industry, the time to act was ripe to prevent crypto businesses from moving overseas.
The contribution also comes as the crypto industry remains a hot topic in the upcoming US elections. Top Presidential Contender Donald Trump promises to create a friendly regulatory climate for the industry if elected. Trump has also criticized the Biden administration for its anti-crypto policy.
On the other hand, President Joe Biden continues to take an anti-crypto stance and recently vetoed a crypto bill on crypto custody. The move followed most US Congress passing a bill promoting clear crypto regulations.
