Ripple Labs, Inc., an American cryptocurrency technology and payments company, has announced plans to donate as much as $25 million to a cryptocurrency political action committee. Brad Garlinghouse, Ripple’s chief executive officer (CEO) provided insight into the company’s strategic reasons behind such a high contribution.
Ripple is donating $25 million to a cryptocurrency cause
In an X post (formerly on Twitter) on May 29, Garlinghouse addressed X is expose the company’s modern support for FairShake, a federally independent political action committee focused on cryptocurrencies.
Ripple’s CEO revealed that the cryptocurrency payments company donated a generous sum of $25 million to FairShake as part of an investment aimed at facilitating development of the cryptocurrency industry and supporting “the advancement and adoption of cryptographic and blockchain technologies.”
FairShake is a committee registered with the Federal Election Commission that enables blockchain innovators to build networks within a more clear and favorable regulatory and legal framework.
Garlinghouse revealed that the continued growth and advancement of the cryptocurrency industry has been crucial in the United States (US). He emphasized that the nation must catch up with others leading economies and cryptocurrency-friendly countries that have already developed practical and concise information regulations for the cryptocurrency industry and his community.
Ripple’s donation to FairShake also gets ahead of its upcoming launch US presidential elections scheduled for November 5, 2024. Garlinghouse said the company’s $25 million contribution sends a message to anti-crypto and “backward-looking” politicians who have failed to introduce policies that support the cryptocurrency industry.
The Ripple CEO’s statement may refer to ongoing enforcement activities by the US Securities and Exchange Commission (SEC) against cryptocurrency companies.
Over the years, the US SEC has filed lawsuits and sanctioned numerous cryptocurrency companies, and Ripple is one of its longest-standing targets in an almost four-year process. Additionally, in 2023 Senator Elizabeth Warren launched her re-election campaign, revealing her intentions to build anti-crypto army focused on weakening the crypto industry.
These ongoing efforts to potentially harm the crypto industry have intensified Ripple’s efforts fully supporting the sector by financing initiatives that support it thrive in the face of political turmoil and regulatory uncertainty
Ripple promises continued support for US-centric policies
In response to Garlinghouse’s announcement regarding Ripple’s $25 million contribution to FairShake, Ripple Chief Legal Officer (CLO) Stuart Alderoty revealed that the crypto payments company intends to continually support decision makers and policies that aim to advance and improve the United States.
This support appears to include cryptocurrency-friendly initiatives and creation better regulatory framework for the industry. He shares a similar sentiment, exclaimed U.S. Representative Patrick McHenry US Congressemphasizing that it is high time for the legislator to provide clearer regulations for the digital assets ecosystem.
“Americans deserve legislation that protects consumers and enables innovation to thrive in this country,” McHenry he stated.
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