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Ripple

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

Ronaldo Marquez
by Ronaldo Marquez
11 months ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ripple Labs co-founder Chris Larsen has significantly increased his backing of Democratic presidential nominee Kamala Harris, making headlines with substantial donations over the past month. 

In a recent announcement, Larsen disclosed a $10 million donation in XRP to Harris’s campaign, following a previous contribution of $1 million worth of XRP to Future Forward, a super political action committee (PAC) supporting her candidacy.

Larsen’s $10 Million XRP Donation 

In a post on X (formerly Twitter), Larsen expressed his belief that the Democratic Party needs a fresh approach to technology and innovation, particularly regarding cryptocurrency, he stated: 

I believe Kamala Harris will ensure that American technology dominates the world, which is why I’m donating $10M in XRP in support of her.

Related Reading: Why Are Spot Ethereum ETFs Underperforming? Bitwise CEO Reveals

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. 

In total, the Ripple executive’s contributions in support of Harris now total approximately $11.9 million, including both direct donations and those made through 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.

While Harris has yet to publicly address changes in the SEC’s leadership that could facilitate a new regulatory framework for digital assets, Larsen remains optimistic. 

Larsen previously told CNBC that he was “very confident” Harris would bring a “more pragmatic approach and clear rules” to the crypto industry, in contrast to the current environment under SEC chairman Gary Gensler. 

Gensler has been criticized for his aggressive stance against several crypto companies, including Ripple, leading many in the industry to support alternative political candidates.

Related Reading: Blockchain Takes Center Stage At 2024 Global Data Ecosystem Conference In Shanghai

Ripple CEO Brad Garlinghouse has also voiced concerns regarding Gensler, labeling him a “political liability.” He described Gensler’s approach as “purposeful chaos,” which he believes has inadvertently strengthened foreign competitors at the expense of the US crypto industry.

In light of Larsen’s donations, Garlinghouse acknowledged the right of individuals to support the candidates they believe are best suited to lead the country. He reiterated the need for a shift in the current administration’s stance on crypto, emphasizing that Ripple will engage with both Democrats and Republicans to promote policies that foster blockchain and crypto innovation.

Ripple
The daily chart shows XRP’s sideways price movements. Source: XRPUSDT on TradingView.com

At the time of writing, XRP is trading at $0.5457. It has experienced sideways movement over the past 24 hours, recording a slight change of 0.5% gain to the upside. 

Featured image from DALL-E, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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