Ripple, Coinbase, And A16Z Made A Significant Investment In A Pro-Crypto Committee.

All three companies plan to support pro-crypto candidates during the 2024 US elections.

Ripple CEO Brad Garlinghouse has announced the company's intention to support pro-crypto candidates during the 2024 US election period. Ripple will be part of a group committing $78 million to support the Fairshake Political Action Committee (PAC).

Fairshake announced that leading companies in the industry, including contributors like Coinbase CEO Brian Armstrong, Tyler and Cameron Winklevoss from Gemini, Circle, Kraken, Messari, Ripple, and Andreessen Horowitz (a16z), have made significant contributions to supporting candidates advocating for crypto and blockchain innovation in the 2024 US elections.

In a statement, Garlinghouse criticized the excessive actions of regulators in the country. The CEO highlighted Ripple's commitment to supporting candidates engaging in lobbying activities aimed at regulating the industry.

Team @Ripple is putting a stake in the ground, leading the charge with other industry leaders to support pro-innovation and pro-crypto candidates in the 2024 US election cycle. The US cannot afford to continue taking a back seat on the global stage.
Regulatory overreach (esp from… https://t.co/hpkqNf7Y99

— Brad Garlinghouse (@bgarlinghouse) December 18, 2023

Garlinghouse stated, "The excessive access demands of regulators (especially from the SEC) are leading the U.S. in the wrong direction, and other countries are taking full advantage of this deficiency. We need to nurture leaders who will support innovation and lead the way in responsible regulation."

The Ripple CEO emphasized the importance of supporting individuals who promote an approach prioritizing "transparency, innovation, and compliance" in the industry.

Crypto companies operating in the U.S. have faced significant pressure, especially in the last two years. Particularly, the Securities and Exchange Commission (SEC) has faced intense criticism from leading names in the industry due to the regulatory actions it has taken through sanctions.

In June of last year, the SEC filed lawsuits against both Binance US and Coinbase, accusing both companies of engaging in unregistered securities sales.

Chris Dixon, founder and general manager of Andreessen Horowitz (a16z), announced that the company will contribute to Fairshake PAC in 2024.

Dixon stated that the coalition aims to support the PAC and work towards removing malicious actors to promote technological innovation.

According to Politico's data, Fairshake PAC has already spent $1.2 million on TV campaigns in the U.S.

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