Blockchain company Ripple injected another $25 million into FairShake, a political action committee (PAC) backing pro-crypto candidates in the U. S. This donation doubles Ripple’s contribution to FairShake, making them the group’s biggest donor by a wide margin.
FairShake, a super PAC that can raise and spend unlimited amounts of money on political campaigns, has now secured over $110 million from cryptocurrency industry giants. This influx of funds reflects the crypto industry’s growing interest in shaping crypto-related policies through political influence.
Ripple’s CEO, Brad Garlinghouse, framed the donation as an effort to educate voters on the potential of cryptocurrencies and counter “anti-crypto stances” held by some policymakers. The company is facing a lawsuit from the U. S. Securities and Exchange Commission (SEC) that alleges XRP, Ripple’s native token, is an unregistered security.
While the SEC lawsuit is ongoing, Ripple has been actively advocating for regulatory clarity for the crypto industry. Analysts suggest that Ripple’s substantial contributions to FairShake could be a strategic move to influence future legislation and potentially benefit from more favorable crypto regulations.
Beyond Ripple, other major donors to FairShake include cryptocurrency exchange Coinbase ($15. 5 million) and venture capital firms Andreessen Horowitz ($14 million combined donations from Marc Andreessen and Ben Horowitz). These contributions signal a unified front within the crypto industry, aiming to get crypto-friendly candidates elected and promote broader acceptance of digital assets.
The hefty donations to FairShake have drawn criticism from some watchdogs who raise concerns about the undue influence of special interests in political campaigns. They argue that such large contributions could create a system where politicians prioritize the interests of the crypto industry over those of the general public.
The upcoming U. S. elections are likely to be a battleground for the future of cryptocurrency regulations. With its significant financial backing of FairShake, Ripple has positioned itself as a major player in this political fight.
