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Ripple Pledges $25 Million Per Year to Crypto Super PAC
Ripple donated another $25 million to pro-cryptocurrency political action committee (PAC) Fairshake.
And there’s more where that came from, the blockchain payments company’s CEO told Axios interview published Wednesday (May 29).
“This is not a one-time thing,” he said Brad Garlinghousepledging to donate $25 million per year to Fairshake, provided the cryptocurrency industry continues to have its naysayers.
Ripple also gave Fairshake an additional $25 million in 2023. The new donation, which according to the Axios report brings Fairshake’s funding to $110 million, nearly half of what came from Ripple, comes as the cryptocurrency industry is enjoying new tailwinds in Washington, DC.
THE the super PACs of the crypto sector have become one of the top three fundraisers in the 2024 election cycle, behind only the super PAC behind Republican Ron DeSantis’ failed presidential campaign and the one backing Democratic Senate candidates, l Public Citizen is a non-profit consumer advocacy organization.
And last week, the House of Representatives passed the Financial Innovation and Technology for the 21st Century Act, the first step toward creating a comprehensive federal framework that advocates say ensures both regulatory certainty for digital assets while providing key consumer protections.
And the bipartisan support for the bill – which went from 279 to 208, with 71 Democrats joining the 208 Republican supporters – “shows the extent to which cryptocurrency sector in difficulty has arrived, from a regulatory perspective, in America,” PYMNTS wrote last week.
However, the passage of the bill – whose future in the Senate is still uncertain – did not come without controversy. In the hours before the vote, Securities and Exchange Commission (SEC) President Gary Gensler issued a statement saying the bill would undermine his agency’s work.
The legislation, Gensler emphasized, “would create new regulatory gaps and will undermine decades of precedent regarding the oversight of investment contracts, exposing investors and capital markets to immeasurable risk.”
Additionally, President Joe Biden issued a policy statement in opposition to the bill, saying that “in its current form it lacks sufficient protections for consumers and investors who engage in certain digital asset transactions.”
“Nevertheless, the bill passed, providing a glimmer of hope to an industry that has long complained about a lack of regulatory clarity over its operations in the United States,” PYMNTS wrote.
“Next, the cryptocurrency industry will need to demonstrate its usability and utility in payments and commerce as it seeks to continue to penetrate the mainstream financial landscape and traditional acceptance.”
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