As an analyst with a background in financial regulation and cryptocurrencies, I believe Ripple’s decision to boost Fairshake’s efforts is a strategic move aimed at advancing the pro-crypto agenda within the industry. Given Ripple’s ongoing legal battle with regulatory bodies like the SEC, it becomes clear that the company feels the need to take a more active role in advocating for fair and balanced regulation.
Ripple has donated $25 million to the Fairshake Political Action Committee (PAC), joining other cryptocurrency industry players in advocating for supportive legislators and policies through this fund.
Amidst my own legal tussle with regulatory bodies such as the SEC, Ripple has chosen to amplify Fairshake’s initiatives. This proactive move is driven by my belief in advocating for equitable and well-balanced regulations within the industry.
Ripple Advancing Pro-Crypto Agenda
In a recent press statement, Ripple expressed their view that the Securities and Exchange Commission’s approach to regulating the cryptocurrency sector via enforcement actions has shown limited success.
Although the US Congress is currently working on all-encompassing legislation for the sector to secure a promising future for American innovation, competitiveness, and growth, the country falls behind other countries that have already adopted this asset class and the technology it entails.
The 2024 elections hold significant weight for the industry according to Ripple, with the spotlight on candidates who either advocate for or obstruct technological advancements. Moreover, it is crucial to have political leaders who not only comprehend but also champion policies that encourage innovation, safeguard consumers, and ensure market equality.
While speaking about the contributing Ripple CEO Brad Garlinghouse said,
“Ripple’s involvement with Fairshake is just one part of our larger commitment to enlightening voters about the potential impact of cryptocurrencies on the future, as well as the risks associated with some politicians’ resistance to crypto in Washington.”
The executive emphasized that both our company and the industry at large should not remain quiet against the efforts of unelected regulators aiming to hinder progress and economic growth, which significantly benefits millions of Americans.
Six months after Ripple invested $20 million in Fairshake, the organization has disbursed $11.3 million for federal elections. This substantial increase in political donations indicates a heightened level of political engagement for Ripple, previously having contributed just $500,000 during the 2022 election cycle, as documented by Federal Election Commission records.
As a cryptocurrency market analyst, I can tell you that Ripple’s investments account for almost half of the over $100 million raised by Fairshake from notable names in the crypto industry. These include prominent exchanges such as Coinbase and Gemini, venture capital pioneer Andreessen Horowitz, and influential asset management firm ARK Invest.
Ripple-SEC: Legal Showdown
For over five years, Ripple has been involved in a lengthy legal battle with the US Securities and Exchange Commission (SEC) over allegations that the firm illegally obtained $1.3 billion by selling XRP tokens without registering them as securities.
As a researcher following the ongoing legal dispute between the SEC and Ripple, I’d like to share my understanding of a recent development: The SEC has filed a remedies brief, challenging Ripple’s position regarding penalties. This document essentially asks for fines against Ripple, despite Judge Torres’ decision that XRP is not a security in the context of programmatic sales. Ripple, however, counters this by stating that penalties should not exceed $10 million due to the lack of fraudulent intent on their part. Both parties are now waiting for the final ruling.
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2024-06-03 01:20