Ripple CEO Pledges Support for Pro-Crypto Candidates in 2024 US Elections
Summary:
Ripple CEO Brad Garlinghouse announced his commitment to support pro-crypto candidates in the 2024 US elections, alongside other prominent industry players. The company is part of a group that pledged a total of $78 million to the Fairshake PAC. The PAC aims to support candidates who endorse American crypto and blockchain innovation and champion responsible regulation. Cryptocurrency firms operating in the U.S. have been battling against a harsh regulatory environment, with the SEC getting notable criticism for its approaches.
Brad Garlinghouse, CEO of Ripple, made a public declaration that the firm will back "pro-crypto" nominees in the 2024 US elections. The firm is part of a consortium that has committed a cumulative $78 million to the Fairshake political action committee (PAC). According to Fairshake, notable businesses and personalities in the sector have created a substantial reserve to endorse candidates who endorse responsible regulation and innovation in cryptocurrency and blockchain during the 2024 campaigns. Among those listed are Coinbase CEO Brian Armstrong, the Winklevoss twins, Coinbase, Circle, Kraken, Messari, and Andreessen Horowitz (a16z).
Garlinghouse voiced his misgivings about nationwide regulatory excess on X (previously known as Twitter) and declared that Ripple and other industry titans would back candidates advocating favorable regulation in 2024. Garlinghouse, in particular, criticized the SEC's regulatory overreach, stating that it was driving the US in the opposite direction while other countries capitalize on the US's lack of leadership. He underscored the need to forward leaders who will advocate for innovation and responsible regulation.
Cryptocurrency businesses in the US, according to the Ripple CEO, have been fighting against regulatory authorities for the past two years. The SEC, in particular, has been criticized by many in the industry for its "regulate-by-enforcement" strategy. In 2023, both Coinbase and Binance.US were targeted by the securities regulator and faced legal proceedings due to allegations of security offering violations.
Chris Dixon, a founder of Andreessen Horowitz (a16z), also announced the firm's intention to contribute to the Fairshake PAC in 2024. The PAC's goal is to elect leaders who can balance thoughtful crypto regulation with consumer protection. Dixon stated that the alliance would strive to generate funds to assist the PAC and promote "clear rules of the road" to support tech innovation and eliminate illicit actors. Reports suggest that the Fairshake PAC has already spent $1.2 million on American television advertising campaigns.
Published At
12/18/2023 5:08:05 PM
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