Ripple Emphasizes The Importance Of Responsible Crypto Regulations

JAKARTA - Ripple, a financial technology company developing a crypto-based global payment network, admits that it is ready to raise funds for pro-crypto presidential candidates in the 2024 United States presidential election.

This was revealed by Ripple CEO Brad Garlinghouse through social media X on December 18, 2023. According to him, this support is important to encourage regulation of more responsible crypto assets in the US.

Garlinghouse says the US crypto industry has been under pressure from the US Securities and Exchange Commission (SEC), which is suing a number of crypto companies, including Ripple, for alleged illegal token sales.

As a result, many crypto companies choose to move to other countries that have more friendly regulations. Garlinghouse considers that this has left the US behind in the global innovation sector.

To that end, Garlinghouse along with other crypto industry leaders are committed to providing financial support to candidates promoting innovation and fair regulation in the crypto sector.

This support is up to $78 million, which will be used to fund pro-crypto political and social campaigns. Garlinghouse insists that this support is different from traditional lobbying efforts that are usually carried out by certain crypto companies.

According to him, this support aims to prioritize the principles of transparency, innovation, and compliance in the political landscape. Garlinghouse hopes that the 2024 US elections will be a momentum to change the situation of crypto asset regulation in the US.

Garlinghouse also stressed the importance of returning to basic principles related to blockchain technology, which is the basis of the crypto industry. He argues that this technology could have a positive impact on the future of the economy and social in the US and the world.