Ripple donated $1 million to the Commonwealth Unity Fund, a new super political action committee (PAC) founded by lawyer James Murphy.
Ripple and Winklevoss Twins Made Major Political Donations Ahead of 2024 Elections
The donation was made recently, according to a quarterly filing with the Federal Election Commission. Murphy also contributed $50,000 on April 15.
Ripple is currently embroiled in a legal battle with the US Securities and Exchange Commission (SEC) over the sale of XRP, which the SEC claims is an unregistered security.
In July 2023, New York Judge Analisa Torres ruled that some of Ripple's secondary sales of XRP did not violate securities laws due to the blind bidding process implemented for them.
However, it ruled that other direct sales of XRP to institutional investors constituted securities investment contracts.
In another major political move, Gemini co-founders and Bitcoin billionaires Cameron and Tyler Winklevoss donated $500,000 to pro-Trump super PAC America PAC on June 21.
Each sibling contributed $250,000, according to a separate filing with the Federal Election Commission on Monday.
These filings coincided with a significant increase in Trump's chances of victory in the US Presidential election, rising to 72% on decentralized prediction market platform Polymarket following a failed assassination attempt on the pro-crypto candidate over the weekend. President Joe Biden's chances currently stand at 17%, according to the platform.
On the same day, Trump selected crypto-friendly Ohio Senator J.D. Vance as his vice president. Vance supports the crypto industry and criticizes the SEC.
Vance, a venture capitalist turned politician, owns between $100,000 and $250,000 in Bitcoin as of 2022, according to his October 2023 financial disclosure.
*This is not investment advice.
