Ripple Doubles Down on Crypto Advocacy with Another $25 Million Donation

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Ripple’s contributions make up about half of the more than $100 million Fairshake has amassed from significant crypto industry players, such as crypto exchanges Coinbase and Gemini, venture capital firm Andreessen Horowitz, and asset manager ARK Invest.

The 2024 elections are viewed by many in the crypto industry as a pivotal moment to elect pro-crypto candidates and remove those who oppose crypto, like Congresswoman Katie Porter (D-Calif.), an ally of Sen. Elizabeth Warren (D-Mass.). Porter’s Senate bid was thwarted with the aid of a $10 million campaign from Fairshake.

In a Wednesday announcement, Ripple stated its contribution to Fairshake is part of a broader industry effort to promote policies that support the next generation of financial innovation in the U.S. Ripple highlighted the U.S. Securities and Exchange Commission’s (SEC) current approach of regulating crypto by enforcement as a failure, emphasizing the need for the U.S. to establish a positive regulatory landscape to encourage innovation.

Ripple CEO Brad Garlinghouse commented in a press statement, “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. 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. The crypto industry intends to remain heavily invested in this effort until we see meaningful change.”

In 2020, the SEC accused Ripple of violating federal securities laws, initiating a prolonged and ongoing legal battle.