Ripple has identified the 2024 US election as a pivotal moment for the cryptocurrency industry, as stated in a May 29 announcement.

In response, the company has contributed $25 million to Fairshake, a federal super PAC that supports candidates advocating for cryptocurrency and innovation. This donation brings Ripple's total support to the committee to $50 million.

Notably, Fairshake has received backing from prominent players in the cryptocurrency sector, including Coinbase, Gemini, and venture capital firm Andreessen Horowitz.

Critique of regulatory stance

Ripple has criticized the Securities and Exchange Commission's (SEC) enforcement-oriented approach to regulating the emerging industry, arguing its ineffectiveness. The company pointed out that while Congress is making strides toward comprehensive cryptocurrency legislation, the US lags behind nations with more supportive regulatory environments.

Ripple CEO Brad Garlinghouse emphasized that the company's contribution supports initiatives that educate voters on the future role of cryptocurrencies and the risks posed by policymakers opposed to them. Garlinghouse stated:

"Ripple and the cryptocurrency industry cannot afford to stay silent while unelected regulators actively hinder innovation and economic growth utilized by millions of Americans. The industry is committed to this effort until substantial changes are seen."

Growing support for crypto

Meanwhile, a recent survey by Grayscale indicates increasing favorability towards cryptocurrencies among American voters, driven by significant macroeconomic developments and the sector's maturity.

The survey revealed that around 47% of American voters plan to incorporate cryptocurrencies into their investment portfolios. Additionally, approximately 32% of respondents expressed heightened interest in learning about cryptocurrencies as investments.

The survey highlighted a particular focus on Bitcoin, spurred by significant events such as the approval of the spot Bitcoin ETF in January and the April Bitcoin halving event.

Grayscale concluded that the survey underscores the necessity for policymakers and 2024 election candidates to address cryptocurrencies in their platforms due to their growing significance.