Ripple Rallies Behind Pro-Crypto Candidates in $78 Million Political Push for the 2024 US Elections

Ripple CEO Brad Garlinghouse announced the company’s commitment to supporting pro-crypto candidates in the upcoming 2024 US election cycle. This announcement comes amidst a backdrop of increasing tension between the crypto industry and regulatory bodies, particularly the US Securities and Exchange Commission (SEC), which Ripple’s CEO has criticized for its overreaching regulatory approach.

Ripple’s decision is part of a larger trend where cryptocurrency companies are actively participating in the political arena to foster a regulatory environment conducive to the growth and development of the crypto sector. The company’s involvement is aimed at advancing responsible regulation that aligns with the innovative nature of digital currencies and blockchain technology.

The Political Action Committees (PACs) in the US, backed by prominent figures and companies in the crypto world, have reported raising a substantial $78 million. This fund is intended to influence the outcome of the 2024 US elections, with Ripple joining other influential players like venture capital firm Andreessen Horowitz, the prominent crypto exchange Coinbase, and Cameron and Tyler Winklevoss of the Gemini exchange.

The concerted efforts of these companies highlight a united front in the crypto industry to advocate for policies that are favorable to cryptocurrencies. This initiative is particularly significant in light of the heightened scrutiny of cryptocurrency exchanges and issuers by US regulators.

Garlinghouse’s announcement underlines Ripple’s leadership in advocating for pro-innovation and pro-crypto regulatory policies. The move is seen as an essential step in steering the US towards a more progressive stance on digital asset regulation. Ripple’s active involvement in this initiative is also viewed against the backdrop of its ongoing legal battle with the SEC, which started in December 2020. The lawsuit has been a focal point in discussions about the need for clear and responsible regulations in the crypto space.

Ripple’s commitment to this cause is further underlined by the company’s willingness to put its resources behind political candidates who share its vision for the future of cryptocurrency. This strategy is shared by other major players in the industry, including Coinbase, which launched a grassroots advocacy campaign in 2023.

As these developments unfold, the price of XRP, Ripple’s native cryptocurrency, has remained relatively stable, hovering around $0.60. The market’s reaction reflects a variety of factors influencing XRP’s value, including ongoing developments in the SEC vs. Ripple lawsuit and Ripple’s strategic partnerships with major financial players like Mastercard.

This strategic alignment of Ripple and other crypto firms with political forces underscores the growing recognition of the critical role that government policy and regulation play in the future of cryptocurrencies and blockchain technology. Their concerted efforts could significantly shape the regulatory landscape in the United States, potentially paving the way for more innovation-friendly policies in the digital asset domain.