Ripple, the digital payments giant, has taken a significant step to enhance its influence in U.S. politics by contributing $25 million to Fairshake, a Super Political Action Committee (Super PAC) that promotes cryptocurrency innovation. This move comes as Ripple continues to face legal battles with the SEC and seeks to sway legislative support in favor of the crypto industry.
The $25 million donation to Fairshake highlights the crypto sector’s efforts to establish a favorable regulatory framework and expand its political reach. Collin Browns, a prominent figure in the crypto community, emphasized Ripple’s intensified political efforts in a recent tweet, stating that the donation amplifies industry voices as the November elections approach.
Ripple CEO Brad Garlinghouse also stressed the importance of educating voters about the future role of crypto, noting that the industry now has over $110 million in its war chest, positioning it at a pivotal moment.
Ripple is actively engaging in political initiatives to cultivate a pro-cryptocurrency environment in Congress. The $25 million donation to Fairshake is the company’s second contribution of the same amount within a year, totaling $50 million. These contributions aim to counter the anti-crypto stance prevalent among some policymakers in Washington and mitigate Ripple’s legal disputes with the SEC.
Recent developments, including bipartisan support for crypto-friendly legislation and the Senate overturning an SEC rule that restricted crypto’s banking access, indicate a softening of regulatory attitudes. This, coupled with Ripple’s political lobbying and favorable legislative developments, raises speculation about whether XRP’s price can reach the $1 threshold.
According to a recent report, the XRP Ledger’s daily transactions surged by 113% in the first quarter of 2024, totaling 2.7 million. Currently, XRP trades at $0.5241, experiencing a slight decline of 0.38% over the past day and 0.73% over the past week. The transactional momentum and Ripple’s political efforts further fuel the discussion about XRP’s potential price growth.
In conclusion, Ripple’s $25 million contribution to Fairshake Super PAC signifies its commitment to influencing U.S. politics and potentially impacting the XRP price. The company’s political engagement aims to create a pro-crypto environment in Congress and mitigate its legal disputes with the SEC. As the political and regulatory landscapes evolve, there is growing speculation about XRP’s ability to reach the $1 threshold.
