Ripple Labs, Inc., an American technology and crypto payments company, has announced plans to donate a whopping $25 million to a crypto-focused political committee. Brad Garlinghouse, the Chief Executive Officer (CEO) of Ripple, has provided insights into the company’s strategic reasons behind the lofty contribution.
Ripple Donates $25 Million To Crypto Focused Cause
In an X (formerly Twitter) post on May 29, Garlinghouse took to X to unveil the company’s new support for FairShake, a federally independent crypto-focused political committee.
The Ripple CEO revealed that the crypto payments company had contributed a generous sum of $25 million to FairShake, as an investment aimed at facilitating the development of the crypto industry and bolstering the “progress and adoption of crypto and blockchain technologies.”
FairShake is a committee registered with the Federal Election Commission which empowers blockchain innovators to create their networks under more transparent and favorable regulatory and legal frameworks.
Garlinghouse has revealed that the continual growth and advancement of the crypto industry was critical in the United States (US). He emphasized that the nation needs to catch up with other leading economies and crypto-friendly countries that have already developed practical and concise regulations for the crypto industry and its community.
Ripple’s donation to FairShake also comes ahead of the forthcoming US Presidential elections scheduled for November 5, 2024. Garlinghouse stated that the company’s $25 million contribution sends a message to anti-crypto and “backwards-looking” politicians who have failed to enact policies supportive of the crypto industry.
The Ripple CEO’s statement may be alluding to the ongoing enforcement actions by the United States Securities and Exchange Commission (SEC) against cryptocurrency companies.
For years, the US SEC has thrown lawsuits and imposed sanctions on numerous crypto companies, with Ripple being one of its longest-standing targets in a nearly four-year lawsuit. Additionally in 2023, Senator Elizabeth Warren launched her re-election campaign, disclosing intentions to build an anti-crypto army focused on undermining the crypto industry.
These ongoing efforts to potentially harm the crypto industry have fueled Ripple’s efforts to fully back the sector by funding initiatives to help it grow amidst the political turmoil and regulatory uncertainty
Ripple Pledges Continued Support For US-Centric Policies
Responding to Garlinghouse’s statement on Ripple’s $25 million contribution to FairShake, Ripple’s Chief Legal Officer (CLO), Stuart Alderoty disclosed that the crypto payments company intends to continuously support policymakers and policies that aim to develop and improve the US.
This support appears to encompass crypto-friendly initiatives and the establishment of better regulatory frameworks for the industry. Sharing a similar sentiment, American Representative, Patrick McHenry has called out US Congress, emphasizing that it was high time the legislature provided clearer rules for the digital asset ecosystem.
“The American people deserve legislation to ensure consumer protection and allow innovation to thrive in this country,” McHenry stated.
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