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Ripple joins crypto firms in $78 million initiative to support pro-crypto candidates in US elections

  • Ripple CEO Brad Garlinghouse announced the firm’s decision to support pro-crypto candidates in the 2024 US election cycle. 
  • Garlinghouse criticized the US SEC for regulatory overreach and stated the need for advancement towards responsible regulation. 
  • XRP price sustained above $0.60 in response to developments in the Ripple ecosystem.
Ripple joins crypto firms in $78 million initiative to support pro-crypto candidates in US elections
Ekta MouryaEkta MouryaFXStreet

Ripple CEO shared the cross-border payment remittance firm’s decision to fund the Political Action Committees backed by crypto companies in the US. Brad Garlinghouse said that Ripple is putting a stake in the ground and intends to support pro-crypto candidates to drive the country towards responsible crypto regulation.

Also read: Solana, XRP and Cardano receive $16 million weekly inflows as Bitcoin sees outflows

Ripple joins forces with firms supporting pro-crypto candidates in US elections 2024

Politico Action Committees (PACs) backed by crypto executives and investors in the US told Politico.com that they have raised $78 million as part of an effort to influence the 2024 US elections. Ripple joined the league of individuals and firms like venture capital giant Andreessen Horowitz, crypto exchange Coinbase, and Cameron and Tyler Winklevoss of Gemini exchange.

Crypto firms are intent on supporting crypto-friendly policy when US regulators scrutinized cryptocurrency exchanges and issuers in the economy.

Brad Garlinghouse, Ripple CEO, announced the payment remittance firm’s decision to lead the charge in supporting pro-innovation and pro-crypto candidates to move the US in the right direction when it comes to digital asset regulation. 

Ripple has been embroiled in a lawsuit with the US financial regulator since December 2020, Garlinghouse commented on the Securities and Exchange Commission's (SEC) regulatory overreach and the need for responsible crypto regulation. 

Ripple is not alone in its crypto advocacy, Coinbase, one of the largest cryptocurrency exchanges has also launched a grassroots advocacy campaign in 2023.

At the time of writing, XRP price is $0.60, virtually unchanged in response to Ripple’s pro-crypto advocacy and actions to support pro-crypto candidates in US elections. Other catalysts influencing XRP price are developments in the SEC v. Ripple lawsuit and the firm’s partnerships with payment giants like Mastercard.

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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