Ripple adds $25 million donation to political committee’s war chest

Ripple has added its second donation of $25 million to the crypto Super PAC.
Ripple's donation makes it the highest contributor to the crypto Super PAC.
XRP is currently down 0.38%.

Michael Ebiekutan FXStreet

Ripple (XRP) CEO Brad Garlingson revealed on Wednesday that the company donated another $25 million to the Fairshake Super PAC to support more pro-crypto candidates as the US elections draw closer.

Ripple continues heavy donations to crypto PAC

Ripple continued to show commitment to the fight for a pro-crypto government in the United States, with its second donation of $25 million to the Fairshake Super Political Action Committee (PAC) on Wednesday. As a result, the company is now the largest contributor among crypto organizations supporting the crypto PAC.

This follows Ripple's previous donation of $25 million to the Super PAC in 2023, bringing its total contributions to $50 million. Ripple's donation accounts for half of the contributions key crypto industry players made to Fairshake, which currently stands at $110 million.

Also read: XRP holders shed altcoin holdings at a loss, Ripple struggles to tackle resistance at $0.55

Other top crypto companies and firms like Coinbase, Andreessen Horowitz and Gemini have also contributed to the crypto PAC's political war chest in hopes of bringing in a pro-crypto government that can help spur regulatory clarity and growth in the crypto industry.

Several stakeholders in the crypto industry have alleged that they have been subject to unfair attacks from the US Securities & Exchange Commission (SEC) due to regulatory uncertainties. According to them, poor regulations have made it more difficult for companies to operate, resulting in the loss of millions of dollars spent in legal battles.

This may have prompted Ripple's strong involvement in the Fairshake Super PAC, considering it has been caught in a legal battle with the SEC since 2020.

Recent regulatory issues involving the crypto industry suggest that crypto PACs are gaining stronger influence in the political sector after the recent approval of the FIT21 Act by the House of Representatives and presidential candidate Donald Trump's continuous pro-crypto stance.

Following the announcement, XRP is down 0.38% in the past 24 hours.

Author

Michael Ebiekutan

FXStreet

With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi

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