Bitrabo Editorial
Chris Larsen, co-founder of Ripple Labs, has ramped up his support for Kamala Harris, the Democratic presidential candidate, making headlines with notable financial contributions recently.
In a new social media post, he announced a generous $10 million donation in XRP to her campaign, which follows an earlier $1 million contribution to Future Forward, a super PAC backing her efforts.
Larsen’s $10 Million XRP Contribution
Sharing his thoughts on X (formerly Twitter), Larsen conveyed that the Democratic Party requires a modern perspective on technology and innovation, especially in the context of cryptocurrencies, stating:
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.
This isn’t the first time Larsen has supported Harris. Earlier this year, he contributed the maximum amount of $6,600 to her campaign, along with a $100,000 donation and a recent $1 million gift to the Harris Action Fund PAC.
Overall, Larsen’s total financial contributions to Harris are now estimated at around $11.9 million, factoring in both direct donations and PAC support.
Despite backing Harris, Larsen’s support coincides with Ripple’s ongoing legal confrontation with the US Securities and Exchange Commission (SEC).
Ripple Pursues Regulatory Clarity
This lawsuit has become a critical issue within the cryptocurrency sector, prompting calls for regulatory reforms and potential leadership changes at the SEC during the Biden administration—an area where Harris holds considerable influence.
Although Harris hasn’t commented publicly on the potential adjustments to SEC leadership that might lead to a new regulatory framework for digital currencies, Larsen remains hopeful.
He previously expressed to CNBC that he feels “very confident” Harris would implement a “more pragmatic approach and clear rules” for the cryptocurrency industry, which he believes contrasts with the current atmosphere under SEC Chairman Gary Gensler.
Gensler has faced criticism for his tough stance towards several crypto firms, including Ripple, leading many within the industry to advocate for different political candidates.
Brad Garlinghouse, CEO of Ripple, has also raised concerns regarding Gensler, describing him as a “political liability.” He criticized Gensler’s methods as “purposeful chaos,” which he argues has unintentionally bolstered foreign competition to the detriment of the US crypto sector.
In light of Larsen’s donations, Garlinghouse recognized individuals’ rights to support candidates they view as capable leaders. He stated the necessity for a shift in the administration’s crypto policies, emphasizing Ripple’s intent to engage with both Democratic and Republican sides to advocate for policies that encourage blockchain and cryptocurrency innovation.
As of this writing, XRP is priced at $0.5457, showing minor fluctuations over the past day with a slight increase of 0.5%.
Image courtesy of DALL-E; chart sourced from TradingView.com.