Ripple donates $ 25 million to Fairshake, a federal super political action committee (PAC) that supports pro-crypto candidates in the 2024 elections. This donation is aimed at promoting crypto-friendly policies and countering anti-crypto stances from policymakers.

Ripple has been critical of the U.S. Securities and Exchange Commission's (SEC) approach to regulating cryptocurrency through enforcement, advocating for clear and supportive regulatory frameworks.

Ripple's CEO, Brad Garlinghouse, emphasized that these efforts are part of a broader industry push to educate voters and shape a regulatory environment that fosters financial innovation.

It was reported that this is the second donation from Ripple to Fairshake, with the 2023 donation being the first.

What does this mean for Crypto?

Financial contributions can fund strategic campaigns and initiatives to challenge and replace legislators who are opposed to cryptocurrencies. A case in point is the $10 million on an ad campaign against Congresswoman Katie Porter, an ally of Senator Elizabeth Warren, contributing to the failure of her Senate bid.

It is believed that elected officials who support cryptocurrency are more likely to push for clear and favorable regulations, reducing uncertainty and promoting innovation within the industry. Clear and supportive regulations can attract more investments from both institutional and retail investors. This can lead to increased capital inflow into the crypto market

Pro-crypto policies can create an environment where startups and entrepreneurs feel encouraged to develop new blockchain technologies and applications, driving technological advancement and economic growth.

News sources:

The Block
CryptoNews
Cointelegraph