Ripple Co-Founder Donates $10 Million In XRP To Kamala Harris’s Campaign

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As a seasoned researcher and observer of the cryptocurrency space, I have been following the developments surrounding Ripple Labs and its co-founder Chris Larsen with great interest. The recent $10 million XRP donation to Kamala Harris’s campaign by Larsen is not only a significant financial move but also a powerful statement about the future of cryptocurrency regulation in the United States.

Chris Larsen, a co-founder at Ripple Labs, has boosted his support for Democratic presidential candidate Kamala Harris, grabbing attention due to sizeable contributions given in the past month.

More recently, Larsen revealed that he had given Harris’s campaign a $10 million donation in XRP. Earlier, he had also contributed $1 million in XRP to Future Forward, a political action committee (PAC) backing her candidacy.

Larsen’s $10 Million XRP Donation 

On X (previously known as Twitter), Larsen shared his perspective that the Democratic Party should adopt a new strategy when it comes to technology and innovations, with a specific emphasis on cryptocurrency. He articulated this viewpoint by stating:

I have faith that Kamala Harris will help American tech stay ahead globally, so I’ve decided to contribute $10M worth of Ripple (XRP) towards her campaign.

Larsen’s support for Harris is not new. Earlier this year, he made the maximum personal contribution of $6,600 to her campaign, a $100,000 donation, and most recently donated $1 million in XRP to the Harris Action Fund PAC. 

To date, the total amount given by the Ripple executive towards Harris’ campaign adds up to approximately 11.9 million dollars. This includes personal donations as well as contributions made via Political Action Committees (PACs).

Despite his strong support for Harris, Larsen’s advocacy comes against the backdrop of Ripple’s ongoing legal battle with the US Securities and Exchange Commission (SEC). 

Ripple Seeks Regulatory Clarity

The lawsuit has become a focal point in the cryptocurrency industry, with many voices calling for regulatory reform and a change in leadership at the SEC under the Biden administration—an area where Harris has significant influence.

As a researcher, I’ve been closely following the developments at the SEC, and while Harris hasn’t explicitly commented on the potential shifts in the SEC’s leadership that could pave the way for a novel regulatory structure for digital assets, I find myself staying hopeful, much like Larsen.

Previously, Larsen expressed high confidence to CNBC that Harris would adopt a “practical stance” and establish “clear guidelines” towards the cryptocurrency sector, marking a shift from the present regulatory landscape under SEC chair Gary Gensler.

Critics have taken issue with Gensler’s firm approach towards various cryptocurrency firms such as Ripple, prompting some within the sector to back alternative political contenders.

Brad Garlinghouse, CEO of Ripple, has expressed worries about Gary Gensler, referring to him as a “potential political risk.” He characterized Gensler’s methods as intentionally creating confusion, which he thinks has unintentionally boosted foreign cryptocurrency competitors at the expense of the American crypto industry.

Speaking about Larsen’s contributions, Garlinghouse endorsed the freedom of citizens to back the candidates they consider most qualified to guide the nation. He underscored the importance of modifying the current government’s viewpoint on cryptocurrency, suggesting that Ripple would collaborate with both Democrats and Republicans to instigate policies that encourage growth in blockchain and cryptocurrency technology.

Currently, the price of XRP stands at $0.5457. Over the last day, it’s been moving horizontally rather than significantly increasing or decreasing, with a minor 0.5% increase observed.

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2024-10-21 23:42