Biden

Donald Trump

Ripple Labs has been dealing with the legal challenges pushed by the US Securities and Exchange Commission (SEC). Amid the long running <a href="https://news.todayq.com/sec-vs-ripple-a-crucial-battle-crypto-industry/" rel="noopener noreferrer nofollow">legal battle</a>, the blockchain firm is now intensifying its political efforts. It is contributing huge funds to support pro crypto politicians in the upcoming election cycle.&nbsp; Ripple makes huge donation 
According to reports, Ripple on Wednesday announced a $25 million donation to Fairshake. It made the donation to crypto focused Super Political Action Committee (Super PAC). However, the group backs both Democrat and Republican Congressional candidates who favor crypto innovation in the country.&nbsp;
The major donation marks Ripple’s second such donative to Fairshake within a year. It made Ripple the Super PAC’s largest donor and brought the crypto industry’s total political war chest to over $110 million.
It is important to note that this donation comes in when the blockchain firm is dealing with the US’s biggest financial regulator. The US SEC has filed its reply to Ripple’s motion to seal and redact evidence linked to the parties’ briefing on remedies.
The intense legal battle had already hindered Ripple’s native crypto, XRP, surge. XRP price is down by 14% on the year to date (YTD) basis. However, it has managed to minimize the decline by surging around 5% in the last 30 days. What’s going on in elections? 
XRP price jumped marginally over the last 24 hours. It is trading at an average price of $0.52, at the press time. It is still down by 86% from its all time high (ATH) of $3.84 recorded on January 4, 2018. Its 24 hour trading volume is up by 3% to stand at $1.15 billion. It is still holding a market cap of $29.1 billion.
Ripple CEO Brad Garlinghouse has already mentioned that these contributions are part of their broader strategy. This includes educating voters on the potential of crypto and highlighting the dangers posed by anti-crypto policies in Washington.&nbsp;
GOP presidential front runner Donald Trump expressed his support for digital assets. He pledged to end the Biden Administration’s perceived hostility towards crypto if elected. However, Trump has also started accepting campaign donations in crypto. This move might help him ahead.
Fairshake and its affiliate Super PACs have already demonstrated influence in key elections. In February, Fairshake spent $10 million on an ad campaign against anti-crypto Congresswoman Katie Porter (D-California), who was running for the Senate seat vacated by the late Dianne Feinstein.

Ripple’s political push, donates $25M for pro-crypto candidates

Todayq News

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