Ripple Labs co-founder Chris Larsen has significantly increased his support for Democratic presidential candidate Kamala Harris, making headlines with substantial donations over the past month.
In a recent advertisementLarsen revealed a donation of $10 million in XRP to Harris’ campaign, following a previous contribution of $1 million in 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 new approach to technology and innovation, particularly regarding cryptocurrencies, stating:
I believe Kamala Harris will make sure that American technology dominates the world, so I will donate $10 million worth of XRP to support her.
Larsen’s support for Harris is not new. Earlier this year, he made the maximum personal contribution of $6,600 to his campaign, a $100,000 donation, and most recently, donated $1 million in XRP for the Harris Action Fund PAC.
In total, the Ripple executive’s contributions in support of Harris now total approximately $11.9 million, including direct donations and those made through PACs.
Despite his strong support for Harris, Larsen’s defense comes against the backdrop of Ripple’s ongoing fight. legal battle with the United States 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 leadership change at the SEC under the biden administration—an area where Harris has significant influence.
While Harris has yet to publicly address changes in SEC leadership that could facilitate a new regulatory framework for digital assets, Larsen remains optimistic.
Larsen previously said CNBC said it was “very confident” that 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 posture against several crypto companies, including Ripple, leading many in the industry to support alternative political candidates.
Ripple CEO Brad Garlinghouse also expressed concern regarding Gensler, calling it a “political liability.” He described Gensler’s approach as “intentional chaos,” which he believes has inadvertently strengthened foreign competitors at the expense of the American crypto industry.
In light of Larsen’s donations, Garlinghouse recognized the right of the people to support the candidates they believe are best suited to lead the country. He reiterated the need for a change in the current administration’s stance on cryptocurrencies, emphasizing that Ripple will engage with both Democrats and Republicans to promote policies that encourage blockchain and crypto innovation.
At the time of writing, XRP is trading at $0.5457. It has seen a sideways movement over the last 24 hours, recording a slight 0.5% gain change to the upside.
Featured image of DALL-E, chart from TradingView.com
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