As a seasoned researcher with a keen interest in the intersection of technology, finance, and politics, I find the recent move by Ripple Chairman Chris Larsen to donate $1 million worth of XRP to Kamala Harris’ presidential campaign intriguing. This is not just a financial endorsement but a strategic one, given the ongoing legal battle between Ripple and the SEC.
Chris Larsen, Ripple‘s Chairman, recently donated $1 million worth of XRP, a type of cryptocurrency, to support U.S. Democratic presidential contender Kamala Harris. This is her first cryptocurrency contribution, demonstrating Ripple’s commitment to the candidate despite the ongoing legal disputes between Ripple and the U.S. Securities and Exchange Commission (SEC).
Ripple Chairman Chris Larsen Endorses Kamala Harris
As per Federal Election Commission (FEC) disclosures, it’s been revealed that Larsen made a donation to Future Forward USA, a leading super PAC advocating for Kamala Harris in the 2024 presidential race. Furthermore, Larsen, who is one of Ripple’s co-founders, has recently endorsed Harris as a candidate by signing a supporting letter.
As per the September report, a total of 88 influential figures in business, such as Aaron Levie (CEO of Box), Jeremy Stoppelman (CEO of Yelp), and James Murdoch (former CEO of 21st Century Fox), were among those who signed the letter.
At present, many cryptocurrency businesses find themselves navigating an uncertain legal landscape for their operations. Consequently, Ripple’s endorsement of Vice President Harris sets it apart from other companies in the industry, as it has previously shown support for candidates favorable to cryptocurrency legislation.
Former Ripple Board Member Joins Harris Campaign
The Chairperson of Ripple not only offers financial backing, but also lends their endorsement. In the initial week of August, Gene Sperling – a former member of the Ripple board – voiced his support for Kamala Harris as well.
Previously, Sperling had ties with the Biden administration but later moved focus to support the Harris campaign, thereby reinforcing the relationship between the cryptocurrency firm and the potential candidate.
Sperling’s addition to Vice President Harris’ team signals his expertise in economic policy and potentially hints at a collaboration on financial technology and digital asset oversight. However, Ripple has yet to provide more details about their involvement in the Harris’ campaign beyond Larsen’s donation and endorsement.
Ongoing XRP-SEC Lawsuit
In the midst of an ongoing legal dispute between Ripple and the Securities and Exchange Commission (SEC), both parties have recently made donations and given endorsements. The SEC has accused Ripple of selling unregistered securities via XRP, a claim that was not entirely dismissed in a recent court ruling last week, which declared XRP as not a security per se, but left the case open for further proceedings. Ripple, in response to the cross-appeal, and the SEC, maintaining their accusations, continue the legal battle.
The challenges faced by Ripple and similar cryptocurrency firms have sparked discussions about the importance of clear legal guidelines. Some investors in the field are backing politicians who seem favorable towards digital currencies. However, Ripple’s Chairman has chosen to support Harris, which represents a unique approach.
There seems to be a split within the cryptocurrency community regarding political allegiances, as certain influential figures endorse candidates who seem friendlier towards digital currencies. For example, Charles Hoskinson, the founder of Cardano, has hinted that Republican administrations could potentially be more welcoming to the sector, pointing out Donald Trump’s past connections with cryptocurrency projects and the regulatory standpoints of current officials.
Currently, prediction markets like Polymarket indicate that Donald Trump has a slightly higher probability of winning the 2024 presidential election compared to Vice President Harris. At present, Trump’s chances are estimated at about 54.2%, suggesting a change in sentiment among crypto investors and market participants.
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2024-10-11 21:36