Big news broke out yesterday that one of Ripple’s co-founders, Chris Larsen, will donate $10 million in XRP to Kamala Harris’ presidential campaign.
Larsen publicly endorsed Harris, expressing his belief that she would champion American technological dominance, particularly in the cryptocurrency sector. His substantial political contribution of $10 million in XRP marks a significant moment, not just for its size but for using cryptocurrency as a political donation vehicle.
Larsen suggested that Democrats need to reshape their approach toward technological innovation, hinting at current policies’ potential shortcomings in supporting sectors like crypto.
Prominent crypto lawyer Bill Morgan responded strongly to Larsen’s announcement, comparing support for Harris’s administration to returning to an “abusive relationship.” Morgan criticized what he views as Harris’s far-left, centralized command economy ideology, arguing it fundamentally conflicts with cryptocurrency’s decentralized nature.
The donation highlights growing political engagement from crypto industry leaders, who increasingly recognize the importance of regulatory landscapes. However, Morgan’s opposition reflects a deeper divide within the crypto community between those seeking to work with political entities and those fearing increased government oversight.
This news comes as Donald Trump has positioned himself as notably pro-crypto during his campaign, pledging to establish a regulatory framework that would foster innovation and protect crypto users.
For Ripple, which has faced ongoing legal challenges with the SEC, Larsen’s political move could be seen as strategic positioning. However, the strategy has clearly touched a nerve in the crypto community.
Read also: XRP Ledger Now Available on MetaMask
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