According to BlockBeats, Ripple CEO Brad Garlinghouse, in an interview with CBS News on December 9, highlighted the influence of U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler's actions on the formation of the crypto-backed super PAC, Fairshake. Garlinghouse suggested that without Gensler's regulatory measures, the existence of Fairshake might not have been necessary.
Ripple, along with two other companies, has contributed $144 million to a super political action committee (PAC) that supports both Republican and Democratic candidates who are favorable to cryptocurrency. This financial backing underscores the growing political engagement of the crypto industry as it seeks to navigate and influence regulatory landscapes. Garlinghouse emphasized the significant legal expenses Ripple has incurred, stating that the company has spent over $150 million in its legal battle with the SEC. He argued that XRP, Ripple's digital asset, should not be subjected to the same registration and disclosure requirements as traditional securities offerings, reflecting ongoing debates about the classification and regulation of cryptocurrencies.
