Ripple Co-founder Chris Larsen Endorses Kamala Harris for 2024 Presidential Election
Ripple co-founder Chris Larsen has recently emerged as a prominent corporate leader endorsing Vice President Kamala Harris for the 2024 U.S. presidential election. This endorsement, reported by Coindesk, positions Larsen in contrast to Ripple CEO Brad Garlinghouse’s political affiliations, which have backed Senate Republicans.
Ripple’s Legal Battle with the SEC
Ripple has been embroiled in a lengthy legal dispute with the U.S. Securities and Exchange Commission (SEC) over allegations that it violated securities laws through its sales of XRP tokens. Many industry insiders view SEC Chair Gary Gensler’s regulatory approach as being in line with Senator Elizabeth Warren’s anti-crypto stance.
Corporate Support for Kamala Harris
Chris Larsen is among 88 influential corporate figures advocating for Kamala Harris to become the next U.S. president. This endorsement comes through a joint letter that also includes executives from other major companies, such as Yelp, Box, and Snapchat. These endorsements reflect a broader trend of corporate leaders stepping into the political arena to support candidates who align with their values and business interests.
Ripple’s Political Contributions
Ripple, as a company, has been an active participant in the current election cycle, contributing to the FairShake PAC. This political action committee has managed to raise $169 million to support pro-crypto candidates from both political parties. However, the company’s donations have predominantly leaned toward Republican candidates, aiming to counteract figures like Senator Elizabeth Warren, who is known for her critical stance on the cryptocurrency industry. Ripple and its affiliates have contributed approximately $48 million to influence the 2024 elections.
Kamala Harris and Cryptocurrency Policies
While Vice President Kamala Harris has not been as vocal about her stance on cryptocurrencies as other political figures, her campaign team has indicated a willingness to support policies that foster the growth of the digital asset industry. This nuanced position could be appealing to both crypto enthusiasts and broader business communities looking for regulatory clarity and support.
What Does This Mean For XRP Price?
The endorsement by Chris Larsen, along with the political contributions by Ripple, could serve as a significant catalyst for XRP. Currently, XRP has faced a downturn, dropping by over 4% and trading around the $0.52 mark. However, with new endorsements and potential shifts in political support, the future of XRP’s price remains uncertain. Only time will reveal the impact of these developments on the cryptocurrency market.
