Ripple Donates Another $25 Million to Cryptocurrency Super PAC Fairshake
Date: 2024-11-27 Author: Oliver Abernathy Categories: BUSINESS
Ripple CEO Brad Garlinghouse announced on November 26 that the company would be donating an additional $25 million to support cryptocurrency super PAC Fairshake. The move comes after the 2024 U.S. presidential election.
Ripple has previously donated nearly $50 million to support initiatives that support innovation and crypto-friendly candidates across the country.
“Fairshake has become the most successful bipartisan super PAC in U.S. history,” Garlinghouse said in a post on the X platform. “Supporting candidates who advocate for cryptocurrency, economic growth, and innovation is a no-brainer, and Ripple is adding another $25 million to Fairshake to continue that momentum.”
Fairshake has established itself as a powerful bipartisan platform, raising over $200 million in the 2023-24 presidential campaign. According to a report from the nonprofit Public Citizen, nearly half of corporate donations in this year’s elections were from cryptocurrency donors. The super PAC has made significant gains by backing crypto-focused candidates, with most winning their precincts. As of November, Fairshake has $78 million in funds to use toward the 2026 U.S. midterm elections.
A16z co-founder Chris Dixon noted that donations to Fairshake are key to creating clear regulations for the cryptocurrency industry. “We are committed to ensuring that entrepreneurs can operate with confidence and consumers are protected,” he said in a statement on November 4.
The November 6 election results, in which Donald Trump defeated Democratic candidate Kamala Harris, were also a major event for digital assets. Trump, who launched his family-owned crypto platform World Liberty Financial, has long advocated for a favorable environment for the blockchain industry. During his campaign, he promised to turn the United States into the “crypto capital of the world” and fire Securities and Exchange Commission Chairman Gary Gensler, known for his tough stance on digital asset regulation. Gensler has already announced his resignation, calling the agency he leads “an outstanding organization.” Although the new head of crypto regulation has not yet been named, a more balanced approach to regulation can be expected with the arrival of a crypto-friendly administration.
