By Key Points
- Fairshake PAC was born from the SEC’s aggressive crypto stance.
- Ripple CEO Brad Garlinghouse calls it a response to a “war on crypto.”
- Over 120 crypto lawsuits were filed under Gensler’s SEC leadership.
- Ripple spent $150M in legal fees defending its position on XRP.
Ripple CEO Brad Garlinghouse revealed in a recent CBS News interview that the creation of the pro-crypto political action committee (PAC), Fairshake PAC, directly resulted from SEC Chair Gary Gensler’s regulatory actions.
This PAC, funded by major crypto players, aims to challenge what many in the industry see as an unfair crackdown on cryptocurrencies.
Crypto made its debut on @60Minutes tonight – there’s no doubt that these technologies will continue to become more and more mainstream – with influence and reach that will only continue to grow.
A few things I do want to comment on after watching:
I spoke with Margaret…
— Brad Garlinghouse (@bgarlinghouse) December 9, 2024
According to Garlinghouse, Gensler’s aggressive enforcement led to more than 120 lawsuits against crypto companies, including big names like Ripple Labs, Coinbase, Binance, and Kraken.
This legal onslaught prompted an unusual sense of unity within the crypto industry. The Ripple CEO described Fairshake PAC as a reactionary measure to a “war on crypto.”
In Garlinghouse’s words:
“So if there had been a different SEC chair than Gary Gensler…I’m not sure Fairshake PAC would exist.”
The goal behind Fairshake PAC isn’t purely political, Garlinghouse clarified. Instead, it’s about pushing for a balanced regulatory framework that allows blockchain and crypto technologies to thrive in the U.S. Read this detailed bombshell on the Ripple-SEC case for more insights on Ripple’s ongoing challenges with the SEC.
Ripple’s Legal Battle and the Future of Fair shake PAC
Ripple Labs, best known for its blockchain-based payment solutions, has been at the forefront of challenging the SEC’s stance on crypto assets. At the heart of Ripple’s battle is whether its native token, XRP, qualifies as a security.
Garlinghouse disclosed that Ripple has spent a staggering $150 million in legal fees to defend its case. Despite the costs, Ripple recently scored a significant win when a federal judge ruled that XRP is not a security.
However, Garlinghouse pointed out that this victory was not covered in the CBS News segment. For more on XRP’s market reactions and Gensler’s resignation calls, check out this XRP rally and Gensler resignation analysis.
This high-profile clash underscores the broader tensions between the crypto industry and regulators. While Gensler’s SEC remains firm on its belief that most cryptocurrencies are securities, Fairshake PAC aims to protect the industry from what it views as regulatory overreach.
Calls for Gary Gensler’s resignation have been growing louder, reflecting deep dissatisfaction within the crypto community.
Garlinghouse’s comments align with growing calls for the U.S. to adopt clearer and more favorable crypto policies. Notably, President-elect Donald Trump’s 2024 campaign platform included promises to make the U.S. a global leader in cryptocurrency.
Garlinghouse’s previous meeting with Trump has also sparked controversy and fierce discussions about crypto’s future in America.
Fairshake PAC Unites the Crypto Industry
The formation of Fairshake PAC highlights a pivotal moment for the crypto industry. Major companies are now pooling resources to influence policy and protect their interests.
Fairshake PAC’s mission is clear: challenge excessive regulation and foster an environment where blockchain can scale and succeed.
This unified response comes as the SEC’s aggressive actions continue to spark debate. Many believe Gensler’s approach stifles innovation, while others argue it’s necessary to protect investors.
Fairshake PAC represents a significant pushback, signaling that the crypto industry is ready to fight for its future.
