Ripple donates $25m to crypto super PAC
The money brings Ripple's total contribution to Fairshake to $50 million, nearly half the super PAC's entire money on hand.
Explaining its decision, Ripple says the SEC's approach to regulating crypto has failed and that the 2024 elections will be the "most consequential in crypto's history".
"We must elect leaders who understand this potential and support policies that protect consumers and markets in ways that are fair and innovation-forward," says the firm.
Fairshake recently spent $10 million helping to kill off a Senate run from Democrat Congresswoman Katie Porter.
The industry secured another win last week when the House of Representatives passed the Financial Innovation and Technology for the 21st Century Act despite opposition from the Biden Administration and SEC chair Gary Gensler.
The bill establishes a regulatory framework for digital assets, covering areas such as consumer protections, the use of crypto in illicit finance, but still faces an uncertain future in the Senate.
Ripple CEO Brad Garlinghouse says: "Ripple will not - and the crypto industry should not - keep quiet while unelected regulators actively seek to impede innovation and economic growth that millions of Americans utilise."
