Crypto community baffled as Ripple co-founder donates $10 million in XRP to Harris presidential campaign

TL;DR

Chris Larsen’s substantial donation to Kamala Harris shocked pro-XRP people. Ripple CEO Brad Garlinghouse emphasized the company’s neutrality, advocating for pro-crypto policies from both the Republican and Democratic parties.

Support for Democrats

The US presidential elections, scheduled for November 5, promise to be quite contested. According to national polls, Democratic candidate Kamala Harris has a narrow lead, with 48.2% of the total vote, while her Republican opponent, Donald Trump, has the support of 46.4% of the population. Polymarket, on the other hand, proves that Harris is the underdog.

Many industry participants consider Trump to be the best choice for pro-crypto voters, given his comments over the past few months. As such, the community was left baffled after Ripple co-founder Chris Larsen announced a donation of $10 million worth of XRP to Kamala Harris’ campaign.

It’s time for Democrats to take a new approach to tech innovation, including crypto. i think @KamalaHarris she will ensure that American technology dominates the world, that’s why I’m donating 10 million dollars in XRP in support of her. https://t.co/vb9KJA87JK

— Chris Larsen (@chrislarsensf) October 21, 2024

Ripple CEO Brad Garlinghouse said he respects Larsen’s decision to support whoever he believes is best to lead America. He assured that the company will continue to engage with both parties in the final days before the election (and after the vote) “to promote pro-crypto policies.”

“This is not about party lines; it’s about advocating for policies that drive blockchain and crypto innovation,” he added.

Harris was initially dismissive of the cryptocurrency industry. Last week, however, he called for a global crypto regulatory framework to protect “black men and others” who participate in the market.

The reaction of the community

Despite Garlinghouse’s supportive stance, most X users commenting on Larsen’s post saw the donation as inappropriate. After all, a possible Trump victory could ease the tension between Ripple and the US SEC, given the billionaire’s promise to oust the regulator’s chairman, Gary Gensler.

Gensler and the agency he heads have been in a legal battle with the company for nearly four years. Not long ago, the watchdog officially appealed a 2023 verdict handed down by Judge Analisa Torres, extending the lawsuit a few more years (very likely) and suppressing the price of XRP due to a new ailment of uncertainty

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