Ripple announced today an additional $25 million contribution to the federal super political action committee (PAC) Fairshake, aimed at supporting pro-crypto political candidates in the 2024 U.S. elections. This latest donation doubles Ripple's total contribution to Fairshake, following a $25 million donation made last year.

In a statement released on Wednesday, Ripple criticized the Securities and Exchange Commission's (SEC) enforcement-based approach to crypto regulation. "The SEC's approach of trying to regulate crypto by enforcement has failed," Ripple declared. "The time for the U.S. to act is now. Ripple is proud to invest in this effort and contribute to shaping a positive regulatory landscape in the U.S."

Ripple emphasized the significance of the upcoming 2024 elections, calling them the “most consequential” for the future of crypto, with potential impacts on financial and technological innovation. Ripple's CEO, Brad Garlinghouse, underscored the company's commitment to advocating for the crypto industry. "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 utilize,” Garlinghouse stated. “The crypto industry intends to remain heavily invested in this effort until we see meaningful change."

Ripple's ongoing legal battle with the SEC, which accused the company of raising $1.3 billion through the sale of XRP as an unregistered security, highlights the contentious regulatory environment for crypto firms.

Cryptocurrency has emerged as a pivotal issue in the upcoming U.S. elections, with industry advocates pushing for a more crypto-friendly administration. Former U.S. President and current Republican presidential candidate Donald Trump has expressed support for the crypto industry, stating he is “very positive and open-minded” about crypto companies. Trump recently began accepting campaign donations in cryptocurrency. In support of Trump, U.S. Senator Cynthia Lummis, R-Wyo., is working to build a pro-crypto coalition within Congress.

A recent poll by Digital Currency Group (DCG) revealed that more than one-fifth of voters in key swing states, including Michigan, Ohio, and Montana, are attentive to candidates' stances on cryptocurrency, underscoring the growing political influence of the crypto community.

Ripple's substantial financial support for Fairshake PAC signifies a strategic effort to influence the regulatory landscape and advocate for a more supportive environment for the crypto industry in the United States.