Ripple CEO Brad Garlinghouse has publicly announced the company’s intent to support “pro-crypto’ candidates during the 2024 United States election season. The company is among a group to have pledged a total of $78 million to support the Fairshake political action committee (PAC).
Fairshake announced that prominent industry firms and players had contributed to a significant “war chest” to back candidates who support American crypto and blockchain innovation and responsible regulation in the upcoming 2024 elections.
The list includes individuals like Coinbase CEO Brian Armstrong, Tyler and Cameron Winklevoss, Circle, Coinbase, Kraken, Messari and Andreessen Horowitz (a16z).
Garlinghouse took to X (formerly Twitter) to condemn regulatory overreach in the country and said Ripple would be “leading the charge with other industry leaders” to support candidates lobbying for complimentary regulation of the industry in 2024.
Team @Ripple is putting a stake in the ground, leading the charge with other industry leaders to support pro-innovation and pro-crypto candidates in the 2024 US election cycle. The US cannot afford to continue taking a back seat on the global stage. Regulatory overreach (esp from… https://t.co/hpkqNf7Y99
“Regulatory overreach (esp from the SEC) is actively moving the U.S. in the wrong direction, and other countries are taking full advantage of the lack of US leadership. We need to advance leaders who will champion innovation and spearhead paths towards responsible regulation,” Garlinghouse wrote.
The Ripple CEO added that the industry needs to encourage initiatives that promote “transparency, innovation and a compliance-first approach.”
Cryptocurrency firms operating in the U.S. have faced an uphill battles against regulators over the past two years. The Securities and Exchange Commission (SEC) in particular, has copped widespread criticism from industry players for its “regulate-by-enforcement” approach.
The securities regulator set its sights on both Coinbase and Binance.US in 2023, instituting separate legal proceedings against both companies for alleged securities offering violations.
Andreessen Horowitz (a16z) founder and managing director Chris Dixon also announced that the firm would contribute to the Fairshake PAC in 2024. The PAC aims to elect leaders that “champion thoughtful crypto regulation” that balances consumer protection.
“There is a battle in Washington about the future of blockchain technologies: Certain policymakers believe it should be banned, while other people think it should have no guardrails. Neither of those options will allow the technology to reach its full potential and realign the future of the Internet away from Big Tech to the people who use it,” Dixon wrote.
The a16z founder said that the coalition will aim to raise funds to support the PAC and help advance “clear rules of the road” to support technological innovation and route out bad actors.
According to Politico, the Fairshake PAC has already spent $1.2 million on television advertising campaigns in the U.S.
A second man has appeared in court charged in connection with a series of fires linked to Sir Keir Starmer.
Romanian national Stanislav Carpiuc was remanded in custody after a hearing at Westminster Magistrates’ Court on Tuesday accused of arson with intent to endanger life.
He has been charged with conspiring with Roman Lavrynovych, 21, and others unknown to “damage by fire property belonging to another, intending to damage the property, and intending to endanger the life of another or being reckless as to whether the life of another would thereby be endangered”.
The 26-year-old, from Romford, east London, was arrested by counter-terrorism officers at Luton Airport on Saturday as he tried to travel to Romania, the court heard.
With the help of a Russian interpreter, Carpiuc, who was born in Ukraine, spoke only to confirm his identity in a short hearing.
The charge relates to three fires.
Two of the fires took place in Kentish Town, north London. One occurred during the early hours of 12 May at the home where Sir Keir lived before he became prime minister and moved into Downing Street.
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A car was set alight in the same street four days earlier on 8 May.
The other fire took place on 11 May at the front door of a house converted into flats in Islington.
Image: A forensics officer outside the house in Kentish Town. Pic: PA
Image: Pic: PA
Prosecutor Sarah Przybylska said: “At this stage, the alleged offending is unexplained.”
The court heard Carpiuc gave a no comment interview to police.
Defending, Jay Nutkins said his client has lived in the UK for nine years and is currently waiting for his degree results having studied business at Canterbury Christ Church University in Kent.
He denies being present at the scene of any of the fires, the court was told.
Carpiuc, who was supported by his father in court, was said to work in construction.
He will next appear at the Old Bailey on 6 June.
Lavrynovych, a Ukrainian national from Sydenham in southeast London, has already been charged with three counts of arson with intent to endanger life in connection with the fires.
Britain should have access to the EU’s rearmament fund before the end of the year but “wounds of Brexit” mean some member states want it to be limited, the bloc’s foreign affairs chief has said.
Kaja Kallas told Sky News’ political editor Beth Rigby that the “technical details” of Security Action for Europe (SAFE) still need to be sorted out.
SAFE is a €150bn (£126bn) fund to provide loans to EU nations and other participants to bolster their defences.
As part of Sir Keir Starmer’s new reset deal with the EU, a new defence partnership was struck that will allow the UK to access it.
Asked when this might be, Ms Kallas said: “The SAFE instrument has just been finalised between the institutions but it also needs approval from the European Council. And when that is done, we also move on with the implementation of that, and that is in the coming months.”
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2:33
Who wins from the UK-EU deal?
Asked about reports that some member states think there should be a limit on what the UK can access, she said: “Of course these discussions are there. We have the wounds from Brexit very clearly.
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“I mean you wanted to exit the European Union and then there are many voices who say that you shouldn’t have the same benefits from the European instruments that the European Union countries have.”
According to The Times, France is pushing to freeze the UK out of 85% of the fund.
Image: Kaja Kallas, the EU’s high representative for foreign affairs. Pic: Reuters
Asked if Britain’s access should be higher, Ms Kallas said her personal view is that given the current climate “we should do both. We should invest more in European industry. But we should also cooperate with our outside partners like the UK”.
She added that the EU hasn’t had discussions in terms of percentage, because the fund is “down to the capabilities”.
“That is, I think, more important than numbers,” she said.
Speaking to the BBC, Chancellor Rachel Reeves said that the UK was in a “better place than any country in the world” on trade.
She said that under Labour, Britain has “the first deal and the best deal so far with the US, we’ve got the best deal with the EU for any country outside the EU, and we’ve got the best trade agreement with India”.
“Not only are these important in their own right,” she added, “but it also shows that Britain now is the place for investment and business, because we’ve got preferential deals with the biggest economies around the world.”
The UK government has said accessing SAFE will support thousands of British jobs.
Defence was one of the many areas that has been agreed as part of the newUK and the EU trade deal struck by Sir Keir Starmer – five years after Brexit kicked in.
A key part of the deal involves giving European fishing boats a further 12 years of access to British waters.
In return, there will be increased access to EU eGates for British passport holders in Europe, no health certificates every time pets travel to Europe and the removal of red tape from most UK food and drink imports and exports.
The use of e-gates by British holidaymakers in the European Union is still not guaranteed, a minister has indicated.
Following six months of talks, Sir Keir Starmer unveiled his post-Brexit trade deal on Monday at the first summit of European Union and UK leaders in London.
The wide-ranging deal will allow more British travellers to use passport e-gates when going on holiday to Europe, while farmers will get swifter, easier access to trade on the continent as a result of an agreement on animal and plant product standards.
But Sarah Jones, the minister for industry, told Sky News negotiations on e-gate usage will have to continue with individual countries – despite the deal.
She said: “Of course it will take time with each country, but we will go as fast as we can. And of course, I will come back to you as soon as I can on the timings.”
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This appears to be a departure from the prime minister, who on Monday declared more explicitly that “Brits travelling to Europe will now be able to use e-gates”.
Ms Jones was asked about the wording of Monday’s agreement, and whether it commits only to “swiftly exploring opportunities for enhanced co-operation” with the European Union.
She disagreed, stressing that the UK will have access to an “enormous fund for defence”.
However, she admitted the deal will need to be negotiated further “going forward”.
“But the principle of this is important. It’s giving us access to a market we didn’t have before,” she said.
Pushed again on whether the post-Brexit deal is a plan rather than an agreement, Ms Jones said: “It was a lot more than a plan.”
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The minister also insisted the cost to taxpayers from Sir Keir’s deal with the EU will be outweighed by the economic benefits.
The UK will pay administration costs, which have yet to be decided, for participation in measures such as the scheme to make it easier to ship animal and plant products to the EU.
Ms Jones told Sky News: “Whatever administrative costs we have to pay, and they will be negotiated and I don’t have an answer for you now on what those costs are, they will be outweighed very significantly by what we estimate will be a £9bn advantage a year by 2040.”