Significantly, Brad Garlinghouse committed $25 million annually until anti-crypto rhetoric ends on Capitol Hill.
Other crypto-linked firms contributing to Fairshake include Coinbase (COIN), Kraken, and Andreessen Horowitz.
The contributions to Fairshake highlight the significance of the US Presidential Election for the crypto market. Senator Cynthia Lummis summarized the shifting attitudes toward crypto on Capitol Hill, stating,
“When I came to the U.S. Senate nobody knew anything about crypto assets. Nobody knew the difference between Bitcoin and other crypto assets. We have worked hard to educate Washington and are now seeing the fruits of those labors.”
The Lummis and Gillibrand Responsible Financial Innovation Act
In 2022, Senators Cynthia Lummis and Kirsten Gillibrand introduced the Responsible Financial Innovation Act. The legislation aims to give the Commodity Futures Trading Commission more authority to regulate crypto assets, promoting innovation while protecting consumers.
A Republican Party victory in November could support the Responsible Financial Innovation Act and end the SEC reign of regulation by enforcement.
The Democratic Party’s anti-crypto stance, spearheaded by Senator Elizabeth Warren, has different US digital asset space plans.
Senator Elizabeth Warren is behind the Digital Asset Anti-Money Laundering Act. Senators Elizabeth Warren and Roger Marshall drafted the bill with the help of the American Bankers Association. The bill would impose banking-style regulations on the crypto market, including anti-money laundering (AML) and countering the financing of terrorism (CFT) frameworks.
In May, Republican front-runner Donald Trump put cryptos on the US political map. His support for crypto could give the Republicans the upper hand, with over 52 million Americans owning crypto. A Republican Party victory could be a boost for the crypto market.
While US politics took center stage, updates from the ongoing SEC vs. Ripple case also warranted investor attention.
SEC vs. Ripple: Ripple Files Reply Letter to Support Motion to Seal
On Wednesday, defense attorney James Filan shared the latest updates from the SEC vs. Ripple case, saying,
“Ripple has filed a reply letter in further support of its Motion to Seal documents in connection with the SEC’s Motion for Judgment and Remedies.”
In the reply brief, Ripple strengthened its arguments vis-à-vis the need to seal non-public, confidential information, including its financial statements.
After a court ruling on the Motion to Seal, the courts will decide the penalty for beaching US securities laws.
