2024

Gary

Ripple Labs Inc, a digital payment company is leveraging its financial resources to intensify its campaign to support pro-crypto candidates in Congress this election season. The company recently revealed a $25 million contribution to Fairshake, a <a href="https://thecoinrise.com/blockchain-association-launches-pac-for-pro-crypto-candidates/" rel="noopener noreferrer nofollow">Super Political Action Committee</a> with a focus on crypto and backed by industry leaders.&nbsp;
In 2023, Ripple also donated $25 million to Fairshake bringing its overall donation to the PAC to a substantial $50 million.
Fairshake revealed that this donation from Ripple makes up about half of the over $100 million that it has gathered from prominent crypto platforms like <a href="https://thecoinrise.com/coinbase-files-for-pac-ahead-of-the-u-s-2022-midterm-elections/" rel="noopener noreferrer nofollow">Coinbase</a> and Gemini, venture capital company Andreessen Horowitz, and asset management firm ARK Invest.
<h2 id="b-ripple-a-need-to-secure-the-future-with-pro-crypto-candidates-b">Ripple: a need to secure the future with pro-crypto candidates</h2>
Ripple CEO, Brad Garlinghouse emphasized that its contributions to Fairshake come off as just one part of its broader efforts to educate voters about the significance of crypto in the future.&nbsp;
He said it is crucial to raise awareness about the risks associated with policymakers in Washington who oppose crypto and advocate for the industry’s interests. A lot of folks in the crypto world view the upcoming 2024 elections as a vital chance to vote in pro-crypto candidates and remove those who aren’t as supportive.&nbsp;
Crypto enthusiasts are not in favor of Congresswoman Katie Porter, who is associated with <a href="https://thecoinrise.com/senator-elizabeth-warren-says-defi-is-the-most-dangerous-part-of-crypto/" rel="noopener noreferrer nofollow">Senator Elizabeth Warren, famous for her critical stance on crypto.</a>
Recently, Fairshake played a significant role in thwarting Katie Porter’s Senate campaign with a $10 million effort in hopes of preventing the Elizabeth Warren ally from getting into the senate.&nbsp;
<h2 id="b-crypto-enthusiasts-call-for-more-stable-regulations-in-the-industry-b">Crypto enthusiasts call for more stable regulations in the industry&nbsp;</h2>
The U.S. Securities and Exchange Commission’s (SEC) strategy of attempting to regulate crypto through enforcement has drawn in enormous rancor. The crypto community has emphasized the immediate need for the U.S. to establish a “favorable regulatory environment” for crypto to encourage innovation.
Coinbase, a big U.S. crypto exchange, recently <a href="https://assets.ctfassets.net/c5bd0wqjc7v0/4k2YQLr5PQcDksJwda4yid/7e458652c5c696e886d16faa9a65a154/Coinbase_v._SEC_Brief_for_Petitioner.pdf" rel="noopener noreferrer nofollow">submitted a petition </a>requiring the establishment of a new regulatory structure for crypto assets. However, the <a href="https://thecoinrise.com/sec-opposed-coinbase-petition-on-new-regulatory-framework/" rel="noopener noreferrer nofollow">SEC pushed back, saying there’s oversight for crypto and the request could disrupt the existing regulations</a>.
<h2 id="b-sec-vs-major-crypto-firms-in-a-legal-saga-b">SEC vs major crypto firms in a legal saga</h2>
Ripple has been <a href="https://thecoinrise.com/sec-and-ripple-labs-seek-summary-judgement-on-xrp-lawsuit/" rel="noopener noreferrer nofollow">fighting a contentious battle for more than three years with the SEC. </a>The agency contends that Ripple knowingly violated U.S. securities laws by selling its crypto coin XRP to investors without registering those sales with the commission.
In recent years, major crypto exchanges such as <a href="https://thecoinrise.com/binance-vs-sec-judge-to-decide-whether-crypto-is-security/" rel="noopener noreferrer nofollow">Binance</a>, <a href="https://thecoinrise.com/kraken-takes-on-sec-in-epic-verbal-spat-over-filing-wording/" rel="noopener noreferrer nofollow">Kraken</a>, <a href="https://thecoinrise.com/uniswap-labs-responds-to-sec-wells-notice-vows-to-fight-back/" rel="noopener noreferrer nofollow">Uniswap</a>, <a href="https://thecoinrise.com/sec-slaps-vaneck-with-1-75m-fine-over-etf-marketing-violation/" rel="noopener noreferrer nofollow">VanEck</a>, <a href="https://thecoinrise.com/gemini-under-sec-crosshairs-winklevoss-calls-charges-super-lame/" rel="noopener noreferrer nofollow">Gemini</a>, and many others have also encountered legal issues with the SEC. They have voiced concerns about the agency’s regulations on digital assets.
<a href="https://thecoinrise.com/biden-administration-supports-secs-actions-against-crypto-firms/" rel="noopener noreferrer nofollow">President Joe Biden’s administration,</a> and Gary Gensler, the SEC Chairman, taking a tough stance on crypto have led to significant setbacks for the crypto communities in achieving even more significant strides than it’s currently experiencing.
The post <a href="https://thecoinrise.com/ripple-chips-in-25m-to-support-crypto-super-pac-fairshake/" rel="noopener noreferrer nofollow">Ripple Chips in $25M to Support Crypto Super PAC Fairshake</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Ripple Chips in $25M to Support Crypto Super PAC Fairshake

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