Key Takeaways:
- Ripple is funding the National Cryptocurrency Association (NCA) for crypto literacy and responsible crypto adoption in the United States.
- The NCA will function independently and will offer unbiased information, tutorials, and case studies from regular day-to-day crypto users.
- Ripple has been pursuing this initiative while facing a legal battle with the SEC and engaging in talks with US government officials.
Ripple Labs, the San Francisco-based blockchain payments firm best known for its XRP cryptocurrency, is taking an unprecedented step to influence the future of the digital asset landscape in the United States. To do this, the company has issued a $50 million grant to help form the National Cryptocurrency Association (NCA), a new non-profit dedicated to increasing public awareness and ensuring the responsible adoption of cryptocurrencies in the country.
The Nation’s Civil Affairs: Public Empowerment Through the NCA
The National Cryptocurrency Association is poised to fill the gap as a non-partisan organization dedicated to understanding the space. Per its official website, the NCA’s mission is “helping Americans make sense of crypto” by delivering inspiring stories of real-world adoption and offering easily digestible educational materials. At its core, the vision is to dispel a great deal of the muddled and frequently inaccurate terminology and understanding for the crypto space and present the true facts to the world, relevant information and powerful aid to approach digital assets with confidence and accountability.
Stuart Alderoty, Ripple’s Chief Legal Officer, will serve as president of the NCA while continuing his role with Ripple. This dual role highlights the close relationship between the two organizations. Brad Garlinghouse, the CEO of Ripple, has however been really keen to highlight the independence with which the NCA will be instantiated so that it doesn’t mix with any interest group and does its educational activities both at grassroots level and above in a fair manner. Garlinghouse’s view is that education is the key to unlocking the value of digital assets and creating a more nuanced, informed and inclusive crypto community.
“The NCA will educate, raise awareness, and shine a spotlight on all the positives that crypto is bringing to people across the country,” Garlinghouse said on X, the platform formerly known as Twitter. He stressed Ripple’s dedication to the initiative, adding: “Ripple is funding the NCA with a $50 million grant to educate, raise awareness and shine a spotlight on all the positives that crypto is bringing to people across the country.”
Data-oriented: An Insight into Crypto Education Demand
Command of crypto is not only a buzzword; it is backed by countless empirical data that suggests the demand for a trusted source of crypto literacy is a must in today’s world, making the launch of the NCA a natural progression rather than just a prediction. A new survey by Harris Poll for GRUPO, conducted among a representative sample of 10,000 U.S. adults, found that a significant majority either currently own cryptocurrencies or are interested in owning them. The results tell a clear story: Only 19% claim familiarity with digital assets, while an incredible 81% are hungry to learn more about them and their role in the future of finance.
Moreover, 76% of respondents who have experienced with cryptocurrencies said they felt positive effects on their finances. Such benefits included increased financial independence and access to new investment opportunities, as well as greater learning and personal development from being involved in a groundbreaking and fast-growing industry.
This tells us that so many Americans are interested in using cryptocurrencies to help improve their financial situation but simply don’t know how to do so safely or effectively. The new framework is set to fill this gap by providing a clear set of guidance to individuals, enabling them to make informed purchases and investments in the crypto space.
The Balance of Representational Independence and Political Influence
Despite its claim of being “politically agnostic,” the NCA’s 501(c)(4) legal structure allows for corporate donations and lobbying, raising concerns about its actual level of political independence. As defined under U.S. law, these types of organizations can collect unlimited corporate and personal donations, engage in lobbying, issue advocacy and political activity, and are not required to disclose the identity of their donors.
The political action committee received a significant $45 million donation from a company whose business model appears to contradict the fairness principles it advocates. Alderoty himself donated $300,000 to a committee supporting Donald Trump’s run for the presidency, with Alderoty and Garlinghouse meeting with Trump at his Mar-a-Lago resort and attended his inauguration as official guests. In light of this history,
