Ripple Labs has pledged US$25 million to pro-cryptocurrency political action committee (PAC), Fairshake, matching last year’s total.
This raises Ripple’s total commitment to Fairshake to US$50 million.
Fairshake PAC’s resources now surpass US$102 million, positioning it to support candidates who acknowledge the impact of cryptocurrencies.
Other industry giants, including Coinbase, Andreessen Horowitz, and the Winklevoss twins, have also made substantial contributions, forming a formidable alliance to challenge the Securities and Exchange Commission’s (SEC) current enforcement-centric regulatory approach.
This approach has been criticized as a hindrance to the U.S.’s ability to compete in the international cryptocurrency market.
“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,” Ripple CEO Brad Garlinghouse said in a press release on Wednesday.
The infusion of funds from Ripple is part of a broader initiative by the cryptocurrency sector to influence the forthcoming elections, which are considered critical for the future of blockchain and fintech.