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Cryptocurrency News Articles
Ripple Co-Founder Chris Larsen Donates Another $10M in XRP Tokens to Support Kamala Harris' Campaign
Oct 22, 2024 at 06:25 pm
The cryptocurrency community is on fire after Ripple co-founder Chris Larsen revealed Monday that he has donated another $10 million XRP tokens to support the campaign of Vice President Kamala Harris.
After revealing that he donated another $10 million in XRP tokens to support Vice President Kamala Harris' campaign on Monday, Ripple co-founder Chris Larsen faced criticism from several key figures in the cryptocurrency community.
According to recent Federal Election Commission (FEC) filings, Larsen donated $1 million in XRP tokens to Future Forward super PAC, which supports the Democratic presidential candidate. Harris' campaign received an additional $10 million in XRP tokens from the crypto executive.
Larsen stated that he believes Harris "will ensure that American technology dominates the world" in a tweet announcing his support for the vice president, who is currently in the running to become the Democratic presidential nominee. He also expressed his belief that it is "time for the Democrats to have a new approach to tech innovation, including crypto."
The executive chairman of Ripple, which has been battling the U.S. Securities and Exchange Commission (SEC) in a lawsuit filed by the financial regulator four years ago, made these remarks. Several pro-crypto candidates from the Democratic Party have previously stated that Kamala wants to "reset" her relationship with the industry, which has been battered by the SEC under Chair Gary Gensler.
Ripple CEO Defends Colleague
Shortly after Larsen announced his massive donation to the Harris campaign, Ripple CEO Brad Garlinghouse commented, stating that he respects Larsen and everyone else's right to support "whomever they think is best to lead the U.S."
I respect Chris’ (and everyone’s!) right to support whomever they think is best to lead the U.S. We need to immediately change course from this administration’s misguided war on crypto. Ripple will continue to engage with both Democrats and Republicans in the final days of…
He went on to say that there is an urgent need to "change course" from the current administration's "misguided war on crypto." He stated that Ripple, the largest holder of the XRP token, will engage with both political parties to advocate for pro-crypto policies.
"It's not about party lines; it's about championing policies that drive blockchain and crypto innovation," he said.
Crypto Community Slams Larsen's 'Careless' Move
Several key figures in the crypto community expressed concern about Larsen's recent donation, and many crypto users, particularly those who use the XRP token, criticized his presidential choice.
Trader Amonyx accused Larsen of "carelessly spending money without considering XRP investors and supporters." He questioned whether Larsen was "comfortable inside" with the decision he had made. One user agreed, stating that the crypto executive had "complete disregard for $XRP holders."
On the Chain podcast founder Chip stated that Harris could have easily asked Gensler to step down given her current position of power, but she has chosen not to.
The Democrats had every chance to rethink their stance on crypto—but naturally, they didn’t.Harris just rolled out her official platform, and surprise, surprise—not a word about crypto.And Warren? In her debate with John Deaton, she’s doubling down on her anti-crypto…
Venture capitalist and Bitcoiner Nic Carter described the donation as "completely baffling," while crypto influencer Amelie stated that she hopes "there is a hidden twist in that action."
Crypto YouTuber Corey Costa stated that he feels sorry for XRP investors, while crypto investor CryptoTank stated that Larsen's decision to announce his support for Harris will be "a bad look" among XRP holders, who have largely expressed frustration with Kamala's silence on the SEC's campaign against XRP and the broader crypto industry.
Crypto lawyer James Murphy, better known in the community as MetaLawMan, raised an issue regarding how the Harris campaign will handle the donation. He noted that the campaign will likely sell the donated XRP to convert the tokens into fiat.
"Will Harris clear that transaction with @GaryGensler? Will this trade impact the SEC's appeal in the @Ripple case?" he asked. The SEC filed an appeal to overturn portions of a 2023 ruling in its lawsuit against Ripple.
What's Really Going On?
While Larsen's announcement enraged most crypto and XRP users, others speculated on why the crypto billionaire felt compelled to make the move.
One user suggested that Larsen may have chosen the blue side "in lieu of a larger, corporate fine." In August, the SEC vs. Ripple lawsuit could have concluded with a $125 million fine. However, the Wall Street regulator's recent appeal filing revives the case, and some may view Larsen's donation as related to the four-year legal battle.
According to one user, Larsen made a "smart" move, opting for the businessman's approach with a focus on "influence" over other matters.
$XRP Price Drops Amid the News
News of the backlash on X over Larsen's donation appears to have impacted XRP prices. According to CoinGecko, the token fell 4% in the last 24
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