Ripple, Coinbase, and a16z Pledge Financial Support for Pro-Crypto Candidates in the 2024 US Elections
Ripple, Coinbase, and a16z have invested $78 million in the Fairshake political action committee (PAC) to promote balanced regulation of cryptocurrencies. This initiative comes in response to concerns about the Securities and Exchange Commission’s (SEC) restrictive regulatory approach toward the crypto industry.
Engagement of Crypto Leaders in the Fairshake PAC
Ripple CEO Brad Garlinghouse has announced the company’s intention to support crypto-friendly candidates in the upcoming 2024 US elections. Ripple, alongside other major players in the industry such as Coinbase and Andreessen Horowitz (a16z), has committed substantial funding to positively influence cryptocurrency policies.
The Fairshake PAC, benefiting from contributions by these companies, focuses on supporting candidates who promote American blockchain innovation and responsible regulation. Contributors include influential figures like Coinbase’s Brian Armstrong and the Winklevoss brothers.
Reaction to SEC Regulation
This move comes in response to the strict and sometimes controversial regulation by the US Securities and Exchange Commission (SEC), criticized for its law enforcement-based regulatory approach. Cryptocurrency companies operating in the US have often found it challenging to navigate this regulatory environment.
Ripple’s CEO highlighted the need to promote initiatives that encourage transparency, innovation, and a compliance-focused approach. Similarly, a16z’s Chris Dixon voiced support for creating clear rules to foster technological innovation while eliminating malicious actors.
