Ripple Pours $25 Million into Crypto-Focused Super PAC Fairshake

May 29, 2024

In a move that has caught the attention of both crypto enthusiasts and skeptics alike, payments giant Ripple on Wednesday announced a $25 million donation to Super PAC committed to supporting pro-crypto, pro-innovation political candidates during the 2024 elections.

This is Ripple’s second contribution to Fairshake within a year, doubling its total contribution to the super PAC to $50 million. With this, Ripple has become its largest donor, swelling the crypto industry’s war chest to over $110 million.

CEO Brad Garlinghouse emphasized that Ripple’s contributions to Fairshake are part of its broader efforts to educate voters on crypto’s future role and the risks of policymakers’ anti-crypto stance in the U.S. The donation was made to move the crypto sentiment needle back toward neutrality or better, countering the negative narratives perpetuated by crypto naysayers. Garlinghouse’s commitment extends beyond a one-time gesture; he vows to provide Fairshake with $25 million annually.

“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,” he said in a statement.

“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,” he added.

Fairshake’s Impact and Ripple’s Strategy

Fairshake is a Super PAC supporting Democrat and Republican congressional candidates who favor crypto innovation in the United States. The PAC has already spent $11.3 million in the federal elections, making it a significant player in shaping crypto-related policies.

Ripple’s move coincided with last week’s surprising vote that pushed a broad crypto bill—FIT21—through the House with strong Democratic support. Additionally, former President Donald Trump expressed his support for crypto, highlighting the industry’s increasing prominence in the political discourse.

Ripple’s political push aligns with a wider industry-led effort to make crypto voices heard in the upcoming November elections. Many believe it could be a turning point in the maturation of the $2 trillion crypto industry.

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