The president of the American cryptocurrency company Ripple is optimistic about the lobbying efforts of the crypto industry in this year's U.S. elections. This comes after the company helped the industry raise record funds to support crypto-friendly political candidates. According to OpenSecrets, a research organization tracking political influence, Ripple, located in San Francisco, is the second-largest donor to the Fairshake Super PAC, which has raised $92.9 million to influence November’s congressional elections in support of the crypto industry.
According to Public Citizen, the super PACs supported by the cryptocurrency industry have raised more than $102 million so far, making them the third-largest fundraisers among super PACs participating in the 2024 elections.
Independent political action committees, or super PACs, can raise unlimited amounts of money from corporations, unions, associations, and individuals, and then spend unlimited amounts openly supporting or opposing political candidates.
At the Money20/20 fintech conference in Amsterdam on Tuesday, Ripple President Monica Long told Reuters that the super PAC is bipartisan, with the sole goal of supporting candidates who favor the regulatory environment needed by the crypto industry.
She stated, "I think as an industry, especially for those of us headquartered in the U.S., we’re frustrated with the lag in establishing rules. The whole dynamic of rule-making through enforcement is very ineffective and hasn’t made any progress."
When asked whether she was optimistic that the American crypto industry's voice would be heard, Long replied, "I am optimistic, I am hopeful."
With regulatory scrutiny and political attention on the crypto industry intensifying, the industry is increasingly trying to influence U.S. lawmakers, especially after major crypto company bankruptcies in 2022 scared investors, exposed fraud and misconduct, and led to losses for millions of crypto investors.
Several leading crypto companies, including Ripple, have been sued by U.S. securities regulators for allegedly violating securities laws. In July, a federal judge ruled that Ripple’s sales of its token XRP to institutional buyers constituted an illegal sale of unregistered securities but also ruled that XRP sold on public exchanges does not meet the legal definition of a security.
Ripple stated that the U.S. Securities and Exchange Commission is seeking a total of $2 billion in fines and penalties in its case.
