As an analyst with years of experience in the crypto sector, I find JP Thieriot’s endorsement of Kamala Harris for President an intriguing move. His decision to keep XRP listed during the SEC lawsuit against Ripple proved to be a strategic one, and his recent endorsement of Harris echoes that same contrarian but potentially correct approach.
Previously leading executive of Upbit, JP Thieriot openly supported the presidential candidacy of Kamala Harris in a sequence of posts on platform X, which sparked strong opposition from influential figures within the cryptocurrency field, such as well-known attorney advocating for XRP, Bill Morgan.
Thieriot, who is now just a Director at Upbit following his resignation as CEO, guided the company through the contentious phase following the SEC’s lawsuit against Ripple. He decided not to remove XRP from their platform during that time, a choice he later asserted was validated by the courts. After over two years of keeping quiet in public discussions, Thieriot has recently resumed sharing his views on the platform.
In his statement, Thieriot compared his backing of Harris to his past choice to continue listing XRP, implying that both actions were unconventional yet accurate in hindsight. Essentially, he declared a similar, perhaps equally well-considered, and undoubtedly correct decision at present: I am the first known crypto Founder and former CEO to endorse Kamala Harris for President.
As per Thieriot’s perspective, the Harris campaign indicates a readiness to rebuild relationships with the cryptocurrency sector. This strategy, he believes, offers a crucial chance for the crypto community to collaborate positively with prospective U.S. leadership. He emphasized that this is a vital time to show that the door is open and that support will be forthcoming if she embraces the sensible approach we advocate.
Thieriot underscored the crucial role of participating in policy debates, regardless of who’s leading them politically. His words were, “In a 50/50 game, the top priority is ensuring you have a place at the table when the next President shapes policies.”
As an analyst, I too refute the claim that the crypto industry may view a Harris administration negatively. Upon examining the views of Donald Trump versus Kamala Harris on cryptocurrency, it becomes apparent that Harris appears more inclined to foster growth and advancement within this domain. In essence, I posit that Harris, being a forward-thinking candidate, is better equipped to comprehend that technology, once released, cannot be confined again. To quote Thieriot, “Kamala is like a modern candidate who realizes that technology genies are never put back in bottles.”
The Upbit director emphasized that the cryptocurrency community could significantly impact the Harris campaign’s stance on digital assets. He encouraged active participation instead of just observing: “There is a genuine chance to influence the Harris campaign’s viewpoint on crypto. Not getting involved would be detrimental.”
Criticism From Pro-XRP Lawyer Bill Morgan
Bill Morgan, a well-regarded attorney in the XRP community, swiftly voiced disapproval due to Thieriot’s early approval, as Harris had yet to make substantial promises about his cryptocurrency policies.
“Morgan expressed that a significant number of individuals are likely to activate Uphold due to this particular decision. He emphasized that the choice to list XRP was an excellent move, but it wasn’t a matter of XRP versus any other token. Morgan showed concern regarding Thieriot’s political stance and its potential repercussions.”
Morgan cautioned that backing a candidate without defined cryptocurrency policies could be problematic, especially given the current regulatory hurdles the industry is encountering. Essentially, he suggested that endorsing a candidate who is currently associated with an administration hostile to cryptocurrencies might not be the best decision. At the very least, one should wait for the candidate’s stance on cryptocurrency before making an endorsement, as he put it.
Additionally, Morgan pointed out that Thieriot’s endorsement might appear as a quid pro quo situation, providing benefits to Harris without obtaining any policy agreements regarding cryptocurrency in return. “Dubious decision at this point. You’re granting Harris something without her making any promises on crypto. It’s a ‘something for nothing,'” Morgan commented critically.
At press time, XRP traded at $0.5632.
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2024-08-02 15:42