Ripple CEO Reveals Why The Company Put $25 Million Into A Crypto-Focused Political Committee

Ripple Labs, an American technology and cryptocurrency payments company, has announced plans to donate a massive $25 million to a cryptocurrency-focused political committee. Brad Garlinghouse Ripple CEO John McClellan offered insight into the company’s strategic reasoning behind the large donation.

Ripple donates $25 million to crypto-focused causes

In a May 29 post on X (formerly Twitter), Garlinghouse wrote to X reveal The company has also backed FairShake, a cryptocurrency-focused political committee that is independent of the federal government.

Ripple’s CEO revealed that the cryptocurrency payments company has invested a significant amount of $25 million into FairShake. Cryptocurrency Industry Development Strengthening the “advancement and adoption of cryptocurrency and blockchain technology.”

FairShake is a commission registered with the Federal Election Commission and helps blockchain innovators build their networks under a more transparent and favorable regulatory and legal framework.

Garlinghouse made it clear that the continued growth and advancement of the cryptocurrency industry is important in the U.S. He stressed that the country needs to catch up with other countries. Major Economies Crypto-friendly countries that have already developed practical and simple cryptography Regulation of the Cryptocurrency Industry and its community.

Ripple’s FairShake donations will be US Presidential Election The deadline is scheduled for November 5, 2024. Garlinghouse said the company’s $25 million donation is Anti-Crypto And the “backwards” politicians who have failed to enact policies to support the cryptocurrency industry.

Ripple’s CEO said: Ongoing enforcement actions Regulation of cryptocurrency companies by the U.S. Securities and Exchange Commission (SEC).

The U.S. Securities and Exchange Commission has sued and sanctioned numerous cryptocurrency companies over the years, but Ripple remains one of its most persistent targets. Nearly four years of litigationFurthermore, in 2023, Senator Elizabeth Warren She launched her reelection campaign Anti-crypto army Concentrated About undermining the cryptocurrency industry.

These ongoing efforts could harm the cryptocurrency industry. Ripple’s Initiatives Full support for the sector, funding efforts to support growth amid political turmoil and regulatory uncertainty

Ripple Pledges Continued Support for U.S.-centric Policies

Responding to Garlinghouse’s statement regarding Ripple’s $25 million donation to FairShake, Ripple’s Chief Legal Officer Stuart Aldeloti said: Disclosed The cryptocurrency payments company intends to continue supporting policymakers and policies aimed at developing and improving the United States.

This support includes crypto-friendly initiatives, A better regulatory framework for the industryU.S. Congressman Patrick McHenry shared similar views: US CongressHe stressed that it is time for Congress to establish clearer rules for the digital asset ecosystem.

“The American people deserve laws that guarantee consumer protections and allow innovation to thrive in this country,” McHenry said. stated.

XRP Price: $0.5 | Source: XRPUSDT on Tradingview.com

Featured image created by Dall.E, chart taken from Tradingview.com

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