Ripple CEO Brad Garlinghouse has publicly announced the company’s intention to support “pro-crypto” candidates during the 2024 US election season. The company is part of a group that has pledged a total of 78 million dollars to support Fairshake’s political action committee (PAC).
Fairshake announcement that prominent companies and industry players had contributed a significant “war chest” to support candidates who support American crypto and blockchain innovation and responsible regulation in the upcoming 2024 elections.
The list of contributors includes Coinbase CEO Brian Armstrong, Tyler and Cameron Winklevoss, Circle, Coinbase, Kraken, Messari and Andreessen Horowitz (a16z).
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Garlinghouse took to industry in 2024.
Team @Ripple is putting a stake on the ground, leading the charge with other industry leaders to support pro-innovation and pro-crypto candidates in the 2024 US election cycle. The US cannot afford to continue to remain in the background on the world stage.
Excess regulation (in particular of… https://t.co/hpkqNf7Y99– Brad Garlinghouse (@bgarlinghouse) December 18, 2023
“Regulatory overreach (particularly by the SEC) is actively pushing the United States in the wrong direction, and other countries are taking full advantage of the lack of American leadership. We must promote leaders who will champion innovation and lead the way toward responsible regulation,” Garlinghouse wrote.
The Ripple CEO added that the industry must encourage initiatives that promote “transparency, innovation and a compliance-first approach.”
Cryptocurrency companies operating in the United States have faced an uphill battle against regulators over the past two years. The Securities and Exchange Commission, in particular, has suffered a lot of criticism industry players for its “regulation by application” approach.
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The securities regulator has set its sights on both Coinbase And Binance.US in 2023, commencing separate legal proceedings against the two companies for alleged securities offering violations.
Andreessen Horowitz (a16z), founder and CEO Chris Dixon also announcement that the company would contribute to the Fairshake PAC in 2024. The PAC aims to elect leaders who “champion thoughtful crypto regulation” that balances consumer protection.
“There is a battle in Washington over the future of blockchain technologies: some policymakers believe they should be banned, while others believe they should have no guardrails. None of these options will allow the technology to reach its full potential and realign the future of the Internet away from Big Tech and the people who use it,” Dixon wrote.
The a16z founder said the coalition would aim to raise funds to support the PAC and help advance “clear rules of the road” to support technological innovation and weed out bad actors.
According to According to Politico, the Fairshake PAC has already spent $1.2 million on television advertising campaigns in the United States.
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