- Ripple’s $25M donation supports Fairshake PAC’s crypto advocacy, emphasizing voter education on crypto’s future role.
- Fairshake PAC has raised over $100M, becoming the richest nonpartisan super PAC, with significant crypto industry backing.
- Prominent crypto figures and companies, including Coinbase’s Stand with Crypto, contribute to Fairshake’s election efforts.
Ripple has bolstered Fairshake PAC’s efforts in the 2024 election cycle with a substantial $25-million donation. This contribution places Ripple at the forefront of a list of notable crypto industry supporters backing the super PAC. Fairshake has become the richest nonpartisan super PAC in the current election cycle, raising between $102 million and $110 million, depending on various reports.
The $25 million donation from Ripple mirrors its contribution in 2023. Brad Garlinghouse, Ripple’s CEO, emphasized the company’s commitment to educating voters on the future role of crypto and the potential dangers of anti-crypto stances in Washington. He stated, “Our contributions to Fairshake are just one of the many ways Ripple will actively invest in educating voters on the role crypto will play in the future and the dangers of the anti-crypto stance some policymakers are clinging to in Washington.”
Fairshake aims to support candidates dedicated to establishing the United States as a hub for innovators of the next generation of the internet. However, its strong focus on crypto is evident. The PAC’s list of contributors includes prominent figures from the crypto world.
According to Open Secret, whose data has yet to reflect the latest Ripple donation, contributions under $1 million have come from individuals such as former Bitfinex executive Phil Potter, who donated twice for a total just under $2 million.
Other notable contributors include Fred Ersham and Matt Huang of Paradigm, Wences Casares of Xapo Bank, and executives from Electric Capital and Lightspark Group. Additionally, billionaire Cathie Wood’s ARK Invest has contributed.
Fairshake has supported several politicians, including Patrick McHenry, Dusty Johnson, and Wiley Nickel. It has also worked against California progressive Katie Porter. According to Open Secret, the PAC has predominantly spent its funds opposing Democratic candidates, with no opposition to Republicans. It has allocated $629,646 to support Democrats and $551,675 to support Republicans. As a super PAC, Fairshake cannot contribute directly to candidates or coordinate activities with them.
Besides Ripple, Coinbase has also established a PAC named Stand with Crypto, which donates to Fairshake independently of the crypto exchange. Stand with Crypto has a grassroots foundation, amassing a war chest of at least $87.2 million from its approximately 860,000 members. Its largest donation was $1 million from MoonPay, with the next largest being $20,000.
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The post Ripple’s $25M Donation Boosts Fairshake PAC’s Crypto Advocacy in 2024 appeared first on Crypto News Land.
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