Ripple's $25 Million Contribution Highlights Crypto's Role in the 2024 Election

By: Isha Das

In a recently bold move, Ripple has positioned itself at the forefront of the crypto industry's engagement with American politics. According to sources, the company has contributed an additional $25 million to Fairshake, a federal super PAC backing pro-crypto and pro-innovation candidates running in the 2024 U.S. election. This latest donation brings Ripple's total contributions to the committee up to $50 million.

Fairshake has garnered substantial funding from major industry players, including Coinbase, Gemini, and notable venture capital firm Andreessen Horowitz. Ripple's strategic contribution underscores the critical juncture the crypto industry faces as the 2024 election looms; these donations are aimed at bolstering candidates who support crypto-friendly regulation and innovation.

Ripple's move contrasts sharply with the Securities and Exchange Commission's (SEC) enforcement-centric approach, which Ripple has criticized as being ineffective. Ripple emphasized that while U.S. Congress makes strides in developing comprehensive crypto legislation, the country still lags behind other nations with more supportive regulatory frameworks. As a result, Ripple CEO Brad Garlinghouse stressed the importance of educating voters about the future role of crypto and the risks posed by anti-crypto policymakers.

Garlinghouse stated, “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 utilize. The crypto industry intends to remain heavily invested in this effort until we see meaningful change.”

Growing Pro-Crypto Sentiment Among American Voters

Adding to the landscape is a recent survey by Grayscale, which highlights an increasing pro-crypto sentiment among American voters. The survey revealed that around 47% of American voters plan to include crypto in their investment portfolios. Moreover, approximately 32% of those surveyed expressed growing interest in learning more about crypto as an investment.

The heightened focus on Bitcoin has been a significant factor in driving this interest, particularly in light of the spot Bitcoin ETF approval in January and the major Bitcoin halving event in April. These pivotal events have made Bitcoin a central point of discussion and have increased awareness and acceptance among potential investors.

Grayscale's survey concluded that the growing importance of crypto is a subject that policymakers and candidates running in the 2024 election cannot afford to ignore. As the landscape of digital assets continues to evolve, it's clear that the upcoming elections will play a critical role in shaping the future of crypto regulation in the United States.