The Chief Executive Officer of Ripple, Brad Garlinghouse, has made a public announcement regarding the company’s intention to support “pro-crypto” politicians during the election season in the United States in 2024.
In order to provide financial assistance to the Fairshake political action committee (PAC), the corporation is one of a group of individuals that have committed a total of $78 million.
Fairshake made the announcement that noteworthy industry firms and players had given a substantial “war chest” in order to support candidates in the next elections in 2024 who are in favor of responsible regulation and innovation in the cryptocurrency and blockchain industries in the United States.
Coinbase CEO Brian Armstrong, Tyler and Cameron Winklevoss, Circle, Coinbase, Kraken, Messari, and Andreessen Horowitz (a16z) are among the individuals who have contributed to the project during its development.
Ripple will be “leading the charge with other industry leaders” to back candidates pushing for supportive regulation of the business in 2024, according to Garlinghouse, who moved to Twitter to decry regulatory overreach in the country.
Garlinghouse also stated that Ripple would be “leading the charge.” “Regulatory overreach, particularly on the part of the Securities and Exchange Commission, is actively moving the United States in the wrong direction, and other countries are taking full advantage of the lack of leadership in the United States.”
According to what Garlinghouse wrote, “We need to advance leaders who will champion innovation and spearhead paths towards responsible regulation.” The Chief Executive Officer of Ripple stated that the industry should embrace projects that promote “transparency, innovation, and a compliance-first approach.”
Cryptocurrency companies active in the United States have struggled against the authorities over the past two years. Many sector players have extensively criticized the Securities and Exchange Commission for its “regulate-by-enforcement” approach. In 2023, the securities regulator decided to take action against both Coinbase and Binance.US, initiating separate legal procedures against both companies for alleged violations of securities offering regulations.
Additionally, Chris Dixon, the founder and managing director of Andreessen Horowitz (a16z), made the announcement that the company would make a contribution to the Fairshake PAC in the year 2024. The goal of the political action committee is to elect politicians who “champion thoughtful crypto regulation” that strikes a balance between protecting consumers and regulating the cryptocurrency market.
There is a debate going on in the Washington District of Columbia regarding the future of blockchain technologies. Some policymakers argue for prohibition, while others advocate for unrestricted use.
According to what Dixon said, neither of those choices will make it possible for the technology to realize its full potential and reorient the future of the Internet away from Big Tech and toward the people who use it.
As stated by the founder of a16z, the coalition will work toward the goal of raising cash to support the political action committee (PAC) and assisting in the advancement of “clear rules of the road” to foster technological innovation and eliminate undesirable actors.
With regard to television advertising campaigns in the United States, the Fairshake Political Action Committee has already spent a total of $1.2 million, as reported by Politico.