Ripple Co-Founder’s $1 Million XRP Donation to Kamala Harris Sparks Debate
Ripple Co-Founder’s $1 Million XRP Donation to Kamala Harris Sparks Debate
As the US presidential election approaches, the crypto industry is emerging as a focal point of political debate. Key figures from blockchain payments company Ripple are expressing divided support for leading candidates, with co-founder Chris Larsen donating $1 million in XRP to a super political action committee (PAC) supporting Vice President Kamala Harris. Meanwhile, Ripple CEO Brad Garlinghouse has criticized the SEC’s ongoing legal battle against the company.
Larsen’s donation, revealed through recent Federal Election Commission (FEC) filings, signifies a strategic endorsement of Harris, who has spoken out in favor of supporting the growth of the digital asset ecosystem. This political move comes as Ripple faces intense scrutiny from the SEC, which recently appealed a favorable ruling in Ripple’s favor.
Judge Analisa Torres ruled that XRP, when sold on public exchanges, does not qualify as a security under existing laws. In response, Ripple announced a cross-appeal against the SEC, escalating the legal conflict. Garlinghouse has been vocal in his criticism of the SEC’s actions, arguing that the agency is more interested in causing disruption than providing clarity for industry players. He warns that the agency’s actions could stifle US innovation in technology.
While Larsen has aligned himself with Harris, the political contributions from the crypto community are not one-sided. Gary Cardone, a well-known digital asset investor, along with the Winklevoss twins, founders of the Gemini exchange, and Kraken co-founder Jesse Powell, have publicly supported Donald Trump. Trump’s campaign has positioned him as a pro-crypto candidate, promising to elevate the United States as the global leader in cryptocurrency. He has criticized regulatory overreach and pledged to replace SEC Chairman Gary Gensler upon his potential return to the White House.
The divided support from key figures in the crypto industry highlights the growing influence of the sector in US politics. As the 2024 election approaches, the debate over regulatory frameworks, particularly concerning the SEC’s role in the cryptocurrency sector, is expected to intensify.