- Ripple Labs donated US$25M to Fairshake PAC, marking its third such contribution this year, emphasising its commitment to influencing pro-crypto policies and legislation.
- Fairshake has significantly shaped US elections, raising over US$200M and securing victories for pro-crypto candidates, with Ripple backing further political engagement.
- XRP surged 181% this month amid Ripple’s ecosystem developments, including investing in Bitwise’s XRP ETP and Gary Gensler’s resignation from the SEC.
Ripple Labs has reinforced its commitment to advancing the cryptocurrency industry by donating US$25M (AU$38M) to Fairshake, a super political action committee (PAC) supporting pro-crypto policies.
Ripple CEO Brad Garlinghouse announced the donation, making it the company’s third donation of the same amount within the past year, underscoring its dedication to influencing legislative and regulatory developments in Washington, D.C.
Related: Ripple’s Resurgence: XRP Surges as Crypto Community Anticipates Regulatory Shift
Fairshake basically gathers corporate and individual donations to back pro-crypto political candidates, so it’s no surprise its significant role in shaping the 2024 US elections.
For instance, the PAC helped secure key congressional victories for candidates supporting blockchain technology and digital assets. According to OpenSecrets, Fairshake raised over US$200M (AU$307M) during the election cycle, donating US$1M (AU$1.5M) or more to 22 candidates, with 90% of them defeating their opponents.
Looking ahead, the influence of Fairshake and similar organisations are expected to grow as the crypto industry seeks to shape US policy further.
Evidently, the 2024 election results influenced the PAC’s strategy for the next US midterm elections in 2026 offering another opportunity to advocate for pro-crypto legislation. As all 435 seats in the House of Representatives and 33 Senate seats will be contested, Ripple and other blockchain-focused entities are set to remain active in shaping the political and regulatory landscape for cryptocurrencies.
XRP Skyrockets
XRP is among one of the best-performing cryptos in the last seven days, surging 6.6% from yesterday, currently at US$1.46 (AU$2.25). While this looks short, you might want to consider XRP’s 111.2% boost in the last 14 days, or the fact that it has skyrocketed 181% this month.
XRP’s surge came following the announcement of several developments within its decentralised ecosystem, XRP Ledger (XRPL), and the fact that Gary Gensler resigned as the US Securities and Exchange Commission (SEC) chairman.
Ripple also recently invested in BItwise’s XRP exchange-traded product (ETP) as the issuer rebrands the offering to strengthen its foothold in the European market. Bitwise, which entered the European market earlier this year, aims to expand its presence with this move.
Fairshake’s Influence on US Politics
Talking about pro-crypto candidates, Garlinghouse highlighted the importance of electing candidates who support innovation and growth in the crypto sector, noting that Ripple’s continued contributions aim to sustain the momentum achieved in 2024.
The dynamics between Ripple Labs’ executives are quite interesting. Garlinghouse has expressed optimism about the Republican Party’s potential to advance crypto-friendly policies, while Ripple co-founder Chris Larsen has openly supported Democratic candidates, contributing US$12M (AU$18M) to PACs backing Vice President Kamala Harris.
Related: Trump Taps Crypto-Savvy Scott Bessent as Treasury Secretary
During the last election cycle, the PAC and its affiliates spent nearly US$240M (AU$369M) across over 50 races, securing victories for over 260 legislators supportive of cryptocurrency. Now armed with US$103M (AU$158M), Fairshake is poised to remain an unmatched political force, ready to shape the legislative landscape for the next congressional session.
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