Ripple, the issuer of XRP, has announced a significant $50 million donation to Fairshake, a super political action committee (PAC) dedicated to supporting pro-crypto political candidates for the upcoming 2024 elections.
This latest investment doubles Ripple's financial commitment from 2023, reinforcing its dedication to shaping policies that foster financial innovation in the United States.
The move comes amidst growing discontent within the crypto industry towards the regulatory approach of the Securities and Exchange Commission (SEC), which many perceive as ineffective and detrimental to US competitiveness in the global crypto sector. Consequently, there's a push for comprehensive legislation in Congress to pave the way for a promising future in American innovation.
Ripple CEO Brad Garlinghouse stated, "Ripple will not - and the crypto industry should not - remain silent while unelected regulators actively seek to impede innovation and economic growth that millions of Americans utilize." Garlinghouse emphasized the importance of educating voters about the potential of crypto and the risks associated with anti-crypto policies in Washington.
Other influential figures, including the Winklevoss twins, have made substantial donations to Fairshake, with a $4.9 million contribution in February. The PAC has also garnered support from industry leaders like Marc Andreessen and Ben Horowitz, as well as major companies such as Coinbase and Circle, marking a significant increase in the political involvement of the crypto industry.
As the 2024 elections draw near, Fairshake's efforts to promote crypto-friendly candidates become crucial. With over $1.2 million invested in television ads advocating for balanced crypto regulations, particularly regarding stablecoins, the PAC aims to create a favorable political environment for the crypto sector.
Public sentiment towards cryptocurrency has notably shifted, with nearly half of American voters planning to include crypto in their investment portfolios, according to a recent Harris Poll conducted for Grayscale. Moreover, 65% of Bitcoin holders view it as an investment in the future of blockchain technology.
American Voters Plan to Include Crypto in Their Portfolio. Source:Grayscale
Amidst concerns over rising inflation, public interest in Bitcoin has surged, although over two-fifths of voters are awaiting clearer policies before further investment in crypto.
In summary, Ripple's substantial contribution to Fairshake reflects the growing determination within the crypto industry to influence policy-making and ensure a conducive regulatory environment for innovation in the United States.
The SEC has countered Ripple’s use of the Binance case in their legal battle, arguing that Ripple's selective interpretation is irrelevant. Disputes continue over fair notice and penalties, with Ripple suggesting a maximum of $10 million and the SEC advocating for $2 billion.
ZeZhengRipple Labs strengthens its defence against the SEC by referencing a recent Binance ruling, criticising the SEC’s litigation approach, and seeking judicial clarity on XRP sales. They argue for reduced penalties due to the lack of prior regulatory clarity.
ZeZhengRipple questioned the SEC's fine, arguing that it should be based on the Terraform Labs settlement and that the fine should not exceed $10 million. The SEC responded by demanding a settlement of $102.6 million.
ZeZhengRipple announced yesterday (12th) the upcoming launch of the XRPL EVM Sidechain, using Axelar as the sole bridge for the sidechain. Additionally, they introduced a new stablecoin, RLUSD.
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