July 16 Crypto News – Ripple’s $1M Donation Aims to Oust Warren; Winklevoss Twins Back Pro-Trump Super PAC
July 16 Crypto News – Ripple Labs has contributed $1 million to the newly established Commonwealth Unity Fund, a super PAC aimed at supporting pro-crypto candidates and challenging anti-crypto Sen. Elizabeth Warren. Attorney James Murphy organized the PAC, with Ripple’s donation disclosed in a quarterly filing with the Federal Election Commission on Monday. Earlier, Murphy himself donated $50,000 on April 15. This move underscores Ripple’s strategic involvement in shaping U.S. crypto policy through electoral support.
Legal Battles and Strategic Donations
Amidst its ongoing legal dispute with the SEC over XRP’s classification, Ripple remains active in political funding. In a significant legal victory last July, Judge Analisa Torres ruled on the legality of XRP sales, distinguishing between secondary sales and direct institutional investments.
Support for Pro-Crypto Candidates
Beyond the Commonwealth Unity Fund, Ripple committed $25 million to the super PAC Fairshake in May, following a similar donation in 2023. Notably, other major crypto entities like Coinbase and a16z crypto have also bolstered Fairshake’s funding this year, signaling a unified front in supporting crypto-friendly political figures.
Deaton’s Senate Bid and Political Dynamics
Meanwhile, pro-crypto lawyer John Deaton, supported by Ripple, has entered the Republican primary for Massachusetts’ Senate seat against Sen. Warren, highlighting a contentious electoral battle shaping up for November.
Winklevoss Twins and Crypto Political Influence
In a parallel move, Gemini co-founders Cameron and Tyler Winklevoss donated $500,000 to America PAC, a pro-Trump super PAC, emphasizing the crypto industry’s growing influence in U.S. politics. Their support extends beyond traditional PACs, reflecting a strategy of independent political engagement.
Market Reactions and Presidential Politics
The political landscape sees dynamic shifts with decentralized prediction markets like Polymarket indicating rising odds for former President Trump’s electoral success, coinciding with heightened crypto advocacy in political circles. The recent endorsement of crypto-friendly Sen. J.D. Vance as Trump’s VP pick further underscores this trend, with Vance known for his pro-crypto stance and criticism of regulatory overreach by the SEC.
As crypto continues to intersect with U.S. politics, Ripple and other industry leaders are leveraging strategic donations to sway electoral outcomes and influence regulatory frameworks. With each move, the crypto community aims to solidify its place in shaping policy conducive to innovation and market growth.
FAQ
How much did Ripple Labs donate to the Commonwealth Unity Fund?
Ripple Labs donated $1 million to the Commonwealth Unity Fund. This super PAC aims to support pro-crypto candidates and challenge anti-crypto Senator Elizabeth Warren. Ripple’s donation was disclosed in a quarterly filing with the Federal Election Commission.
On what date did Ripple make the donation, and what is the purpose of this donation?
Ripple made the donation on May 15th to support the Commonwealth Unity Fund, established to strategically influence U.S. crypto policy. This contribution is part of Ripple’s active role in shaping the electoral process in the United States.
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