Ripple CEO Brad Garlinghouse recently stated that the $204 million cryptocurrency-focused super PAC, Fairshake, was a direct response to the SEC’s aggressive approach to the crypto industry under Chairman Gary Gensler.
In a December 8th interview with CBS News, Garlinghouse explained that Fairshake’s formation stemmed from the perceived “war on crypto” waged by the SEC. He asserted that the organization wouldn’t exist if not for the SEC’s actions, specifically citing the ongoing legal battle between Ripple and the SEC over the classification of XRP.
Fairshake, co-founded by Ripple and two other undisclosed companies, emerged as a major force in the 2024 election cycle. It became one of the largest super PACs, raising over $204 million to support crypto-friendly political candidates. Ripple contributed $45 million, making it a significant donor alongside Coinbase, which committed nearly $45.50 million.
The committee spent over $40 million during the election, predominantly supporting both Republican and Democratic candidates, but also opposing some Democratic candidates. Their efforts resulted in a 67% success rate for the candidates they backed.
This revelation comes as President-elect Donald Trump nominates Paul Atkins as the new SEC Chair. The crypto community anticipates a potential shift in regulatory approach under Atkins, moving away from the enforcement-focused strategy employed by Gensler. The change in leadership could significantly impact the future of digital asset regulation in the United States. Garlinghouse’s comments highlight the tension between the crypto industry and regulators, emphasizing the industry’s desire for clearer and more supportive regulations.
This development marks a pivotal moment for the crypto industry, as the incoming SEC leadership could significantly reshape the regulatory landscape. The future of digital assets hinges on the approach taken by the new administration, and the industry will be closely watching for signals of change.
