Ripple Labs co-founder Chris Larsen has made significant contributions to Democratic presidential nominee Kamala Harris, drawing attention for his substantial financial support over the past month. This move highlights his commitment to influencing political discourse on technology and innovation, especially within the realm of cryptocurrency.
The Impact of Larsen’s $10 Million XRP Donation
Chris Larsen recently announced a groundbreaking $10 million donation in XRP to Kamala Harris’s campaign. This follows his previous contribution of $1 million worth of XRP to Future Forward, a super political action committee (PAC) dedicated to supporting Harris’s candidacy.
In a post on social media platform X (formerly known as Twitter), Larsen articulated his belief in the Democratic Party’s need for a progressive stance on technology and innovation. He emphasized that Harris is well-positioned to ensure American technological leadership globally, which motivated his significant financial backing.
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Larsen’s Continued Support for Harris
Larsen has been a consistent supporter of Harris. Earlier this year, he made the maximum allowable personal contribution of $6,600 to her campaign and also donated $100,000. His most recent $1 million XRP donation to the Harris Action Fund PAC further underscores his commitment. In total, Larsen’s contributions in support of Harris amount to approximately $11.9 million, combining both direct donations and those made through PACs.
This strong backing comes amid Ripple’s ongoing legal challenges with the US Securities and Exchange Commission (SEC), adding another layer of complexity to Larsen’s advocacy.
Ripple’s Quest for Regulatory Clarity
The lawsuit involving Ripple has become a pivotal issue in the cryptocurrency industry, igniting calls for regulatory reform. Many industry leaders are urging a change in leadership at the SEC under the current administration, an area where Harris could potentially exert influence.
While Harris has yet to publicly address potential changes in the SEC’s leadership that could pave the way for a new regulatory framework for digital assets, Larsen remains hopeful. He previously expressed confidence in Harris’s ability to introduce a more pragmatic approach and establish clear rules for the crypto industry, contrasting with the current environment under SEC chairman Gary Gensler.
Criticism of Current SEC Leadership
Gensler has faced criticism for his stringent stance against several cryptocurrency companies, including Ripple. This has led many in the industry to seek alternative political candidates who might offer a more favorable regulatory environment.
Ripple CEO Brad Garlinghouse has also voiced concerns about Gensler, labeling him a “political liability” and accusing him of fostering “purposeful chaos,” which he argues has unintentionally bolstered foreign competitors at the cost of the US crypto industry.
In light of Larsen’s generous donations, Garlinghouse acknowledged the right of individuals to support candidates they believe are best suited to lead the country. He emphasized the need for a shift in the current administration’s stance on cryptocurrency, highlighting Ripple’s commitment to engaging with both Democrats and Republicans to promote policies that support blockchain and crypto innovation.
Current Market Status of XRP
At the time of writing, XRP is trading at $0.5457, experiencing relatively stable price movements over the past 24 hours with a slight gain of 0.5% to the upside. This reflects the ongoing volatility and unpredictability within the cryptocurrency market, further underscoring the need for clear regulatory guidelines.
