Brad Garlinghouse, the CEO of Ripple, has reaffirmed the company’s commitment to bankroll pro-crypto candidates in the 2024 US election cycle financially.
The post shared by Brad Garlinghouse on X comes as a much-needed booster in the ongoing efforts by leaders in the crypto ecosystem to raise funds to finance lawmakers that can help usher in responsible regulation in the country.
While previous election cycles have welcomed support from some crypto leaders, personalized financing like the ones linked to FTX founder Sam Bankman-fried led to social and regulatory backlash.
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
This ongoing coalition by key industry giants is more transparent with a collective goal to save the nascent blockchain world.
Mission to Stem Regulatory Overreach
According to Brad Garlinghouse, the move to come together with a financing motive is necessary to prevent the United States from taking the back seat on the global stage.
He emphasized that the regulatory overreach from the Securities and Exchange Commission (SEC) is “actively moving the US in the wrong direction,” and this needs to change.
Notably, the SEC has had a hectic year. The regulator’s enforcement action started earlier in the year with Kraken, whom it accused of offering its staking service as an unregistered security.
The $30 million settlement reached at the time did not deter the Gary Gensler-led commission from filing another lawsuit against the trading platform some weeks back.
The lawsuit between the agency and Ripple also intensified this year. As the case is wrapping up, both parties have bagged mixed victories. While Ripple’s executives, including Garlinghouse and Chris Larsen, have been absolved of wrongdoing, the court labeled the company guilty of selling XRP to institutional investors as security.
Amidst these developments, Garlinghouse believes the crypto ecosystem needs to advance leaders who will “champion innovation and spearhead paths towards responsible regulation.”
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
Politics, Not Lobbying
While the total amount raised for this push to bankroll pro-crypto political candidates has topped $78 million, according to Politico, it is worth noting that this move is not the same as lobbying efforts that individual crypto companies have been engaged in for some years now.
As reported earlier, crypto companies led by Coinbase and Ripple Labs spend millions of dollars each year lobbying Washington policymakers to help advance defined crypto causes.
With the clarion call from Garlinghouse, he proclaimed that “2024 is the time to go back to first principles by encouraging initiatives to promote transparency, innovation, and a compliance-first approach.”
