Ripple co-founder says Kamala Harris will take a ‘completely different approach’ to Biden’s war on crypto

Ripple co-founder Chris Larsen stated that he is confident that Kamala Harris will be able to fix what he considers the Biden administration’s “failed” approach to crypto.

In an interview aired on CNBC on October 29, Chris Larsen explained why he donated more than $11.8 million to political action committees supporting Vice President Kamala Harris’ presidential campaign. The Ripple(XRP) co-founder said he believes the Democratic candidate will take a completely different approach to Biden when it comes to digital assets.

“I’m really, really confident that this will be a completely different approach than the Biden administration’s failed policy when it comes to digital assets,” Larsen said.

He noted that the Biden administration is simply “outsourcing” digital asset management to Senator Elizabeth Warren, a politician known for fueling anti-crypto rhetoric. Thus, leading to what he calls the “war on crypto,” which ultimately prevented America from leading the crypto industry on a global scale.

“I think everyone realized this was a big mistake. It resulted in the leadership being given to Singapore and London, which should have been in the U.S. “It didn’t protect consumers, it allowed sketchy foreign operators like FTX to defraud consumers,” Larsen said.

Based on his conversations with figures he believes will be in the Harris administration, he claimed that the Democratic nominee will be “pro-innovation” unlike Biden, whom he sees as “anti-business”.

Larsen acknowledges that much of the crypto industry supports Republican candidate Donald Trump in the presidential race due to his pro-crypto stance. Despite this, he believes both parties supported pro-crypto policies throughout their campaigns.

“We’ve seen this bipartisan support for whoever wins the United States, whether it’s Republicans or Democrats. I think the war against crypto is over. We want to encourage pro-digital asset political leaders,” Larsen said.

When asked if Harris could dethrone U.S. Securities and Exchange Commission Chairman Gary Gensler, just like Trump promised his pro-crypto supporters, he said the decision would be up to Harris.

Although he described Gensler as “the worst public official we have ever encountered in this country,” he emphasized that as a donor he should not be involved in such decisions. Gensler is known for his harsh stance against the crypto industry, repeatedly claiming that the sector is riddled with speculation.

“Let me just say, I think Gary Gensler is the worst public official we have ever had in this country. It has done incredible damage to this country. But I think we need to be really thoughtful here,” Larsen said.

Rumors were circulating that Harris would nominate Gensler as Treasury Secretary if she won the November election, according to an August 2024 report by the Washington Reporter. Although these rumors have not yet been confirmed, they were enough to trigger a backlash within the crypto community.

On October 21, Larsen donated over $10 million of XRP to Future Forward PAC and Harris Victory Fund to support Kamala Harris in the US presidential race. This donation, combined with his $1 million donation to Future Forward USA earlier in the month, made Larsen one of the crypto industry’s biggest donors this election cycle.