ripple Crypto Super PAC Donation Dwarfs Proposed $10 Million SEC Fine
In a bold move, Ripple Labs made a large donation to reaffirm. Determined to reshape the regulatory landscape for crypto in the US The blockchain payments company announced a significant donation of $25 million to Fairshake, the crypto super Political Action Committee. Moreover, this contribution exceeds the $10 million penalty that Ripple is proposed to pay to the Securities and Exchange Commission (SEC) in the ongoing legal fight.
Ripple Made a Big Donation to Fairshake
Ripple’s decision to pour significant funds into political advocacy comes amid a broader industry-led effort to amplify crypto voices ahead of the November elections. As the crypto industry hangs in the balance at a pivotal moment in its maturity, stakeholders are intensifying their efforts to influence policymakers and secure appropriate regulatory frameworks.
Ripple CEO Brad Garlinghouse emphasizes the industry’s determination not to remain silent in the face of regulatory blows. “Ripple will not remain silent, and neither should the crypto industry, as unelected regulators actively seek to stifle innovation and economic growth,” Ripple CEO said, according to Fox Business.
Rising tensions between the SEC and the crypto industry have strained relations. It all started when SEC Chairman Gary Gensler spearheaded a series of lawsuits against major players. The industry argues the overambitious regulator is unfairly targeting them. However, the SEC maintains its position on ensuring compliance with securities laws.
Recent developments point to a changing landscape in Washington’s perception of the crypto industry. These include bipartisan support for friendly legislation, the Financial Innovation and Technology for the 21st Century Act (FIT21). Additionally, the overturning of SAB 121, a controversial SEC rule, received significant attention.
Even GOP presidential candidate Donald Trump has given hope to crypto enthusiasts by signaling his willingness to embrace digital assets. Additionally, the SEC approved eight Spot Ethereum ETFs, potentially affected by the Biden administration’s shift in crypto stance.
So the role of super PACs like Fairshake in shaping election outcomes cannot be underestimated. Fairshake’s significant financial support has influenced key elections, tipping the scales in favor of crypto-friendly candidates. Moreover, the defeat of anti-cryptocurrency Congresswoman Katie Porter in California serves as a testament to the effectiveness of such political maneuvers.
Also Read: Ripple CTO Defends joe Biden’s Speech Order Defense in Trump Case
About XRP and SEC Case
The battle between Ripple and the SEC was a long and contentious one that spanned three years. At the heart of the dispute is the SEC’s allegation that Ripple knowingly violated U.S. securities laws by selling the cryptocurrency XRP without proper registration.
Meanwhile, Ripple’s opposition to the SEC’s request for damages and the issuance of final judgment underscores the company’s firm stance against what it perceives as regulatory overreach. Earlier this month, Ripple Labs refused to pay a $2 billion fine imposed by the SEC. The company opposed the SEC’s proposed exorbitant fine and stated that it would not pay a penalty of more than $10 million.
Ripple’s Chief Legal Officer Stuart Alderoty expressed confidence in the judicial process. He also emphasized that there are no allegations of recklessness or fraud in the SEC lawsuit. He stated at the time: “Our opposition to the SEC’s $2 billion penalty request for legacy institutional sales is now public… The SEC’s request is evidence of the ongoing intimidation against all cryptocurrencies in the US.”
Also Read: XRP Lawyer Hinman Hints at SEC Fraud in Ethereum Case
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