As the US presidential election approaches, the crypto industry has emerged as a focal point of political debate, with key figures from blockchain payments company Ripple expressing divided support for leading candidates Vice President Kamala Harris and former President Donald Trump.
This division comes amid ongoing debates about regulatory frameworks, particularly concerning the US Securities and Exchange Commission (SEC) and its enforcement actions against the cryptocurrency sector.
Ripple Larsen’s $1 Million XRP Donation
Christian Larsen, co-founder of Ripple, has made headlines by making the first documented crypto donation to Kamala Harris’s campaign, contributing $1 million in XRP to a prominent super political action committee (PAC) supporting her candidacy.
This donation was revealed through recent filings with the Federal Election Commission (FEC), as reported by FOX journalist Eleanor Terret. Larsen’s contribution signifies a strategic endorsement of Harris, who has recently been vocal about the needed support for the growth of the digital asset ecosystem.
This political move comes on the heels of comments from Ripple CEO Brad Garlinghouse, who has criticized the SEC’s ongoing legal battle against the company.
The SEC recently appealed a favorable ruling from Judge Analisa Torres, which stated that XRP, when sold on public exchanges, does not qualify as a security under existing laws. In response, Ripple announced it would file a cross-appeal against the SEC on Thursday, intensifying the ongoing legal conflict.
Crypto Community Divided?
Garlinghouse has been outspoken about the SEC’s actions, recently asserting, “If Gensler and the SEC cared about the rule of law, they would accept their loss and move on.”
Ripple’s CEO argues that the regulator is more interested in causing disruption than providing clarity for industry players, warning that the agency’s actions could stifle US innovation in technology.
While Larsen has aligned himself with Harris, the political contributions from the crypto community are not one-sided. Gary Cardone, a well-known digital asset investor, along with the Winklevoss twins, founders of the Gemini exchange, and Kraken co-founder Jesse Powell, have publicly supported Donald Trump.
Trump’s campaign has positioned him as a pro-crypto candidate, promising to elevate the United States as the global leader in cryptocurrency.
The former President and Republican candidate has criticized regulatory overreach, stating, “They want to choke you, and we are not going to let that happen.” Trump has also pledged to replace SEC Chairman Gary Gensler upon his potential return to the White House, further indicating his commitment to fostering a favorable environment for the crypto industry.
At the time of writing, XRP was trading at $0.5379, showing no change from Thursday’s trading session.
Featured image from DALL-E, chart from TradingView.com