Ripple $25 million crypto education contribution amid rising importance in 2024 election Ripple $25 million crypto education contribution amid rising importance in 2024 election
A new survey has shown that that crypto would be a major political issue at the forthcoming US elections.
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Updated: Jul. 10, 2024 at 12:51 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ripple has highlighted the 2024 US election as a crucial juncture for the crypto industry, according to a May 29 statement.
In response, the company has donated $25 million to Fairshake, a federal super PAC that backs pro-crypto and pro-innovation candidates. This contribution raises Ripple’s total donation to the committee to $50 million.
Notably, Fairshake has attracted funding from prominent crypto industry players, including Coinbase, Gemini, and venture capital firm Andreessen Horowitz.
Crypto education
Ripple criticized the Securities and Exchange Commission’s (SEC) enforcement-focused approach to the emerging industry, arguing that it has been ineffective.
The company highlighted that while Congress is making strides toward comprehensive crypto legislation, the US still trails behind other nations with more supportive regulatory frameworks.
As a result, Ripple CEO Brad Garlinghouse said the company was donating to initiatives that educate voters about the future role of crypto and the risks posed by anti-crypto policymakers. He stated:
“Ripple will not – and the crypto industry should not – keep quiet while unelected regulators actively seek to impede innovation and economic growth that millions of Americans utilize. The crypto industry intends to remain heavily invested in this effort until we see meaningful change.”
American voters are increasingly pro-crypto
Meanwhile, a recent Grayscale surveyย reveals a growing pro-crypto sentiment among Americans, driven by significant macroeconomic developments and the sector’s maturation.
According to the survey, approximately 47% of American voters plan to include crypto in their investment portfolios. Additionally, about 32% of voters expressed increased interest in learning about crypto as an investment.
The survey also noted a heightened focus on Bitcoin, spurred by critical events such as the spot Bitcoin ETF approval in January and the April Bitcoin halving event.
Grayscale concluded that the survey showed that policymakers and candidates running in the 2024 election must address crypto in their policies due to its growing importance.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
a16z
Andreessen Horowitz (known as “a16z”) is a venture capital firm in Silicon Valley specializing in investing in seed, start-ups, early, mid-stage, growth, and late stage.
Brad Garlinghouse stands at the forefront of financial technology as the CEO of Ripple.