Ripple Co-Founder Chris Larsen Donates $10M in XRP to Kamala Harris’ Campaign

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As a researcher with a background in both technology and politics, I find myself intrigued by the ongoing dynamics between the crypto industry and governmental policies. The recent events surrounding Chris Larsen’s significant donation to Vice President Kamala Harris’s campaign and the ensuing debate between Senator Elizabeth Warren and John Deaton are particularly captivating.

Chris Larsen, Ripple‘s Co-Founder and Executive Chairman, has boosted his financial backing for Vice President Kamala Harris’s election campaign by donating $10 million worth of XRP, positioning him as the biggest individual crypto supporter of Harris. On Monday, via a post on platform X, Larsen highlighted Harris’s potential to introduce new ideas in technology and cryptocurrency innovation, expressing faith in her capacity to maintain U.S. dominance in global technological advancements.

Larsen has made another substantial contribution, this time to the Political Action Committee (PAC) called “Future Forward,” adding to his earlier donation of 1.75 million dollars. This brings his overall support for the committee to nearly 12 million dollars, solidifying his role as a significant figure in the political landscape of the crypto sector.

Brad Garlinghouse, CEO of Ripple, replied to Larsen’s post about X by expressing his approval for Larsen’s freedom to back any political candidate he desires. He reinforced the urgency for a shift in the current government’s viewpoint towards cryptocurrencies, arguing that the ongoing efforts against cryptocurrency are misguided and harmful to the sector. Garlinghouse emphasized Ripple’s approach during this election period as being non-partisan, explaining that they will collaborate with both Democrats and Republicans to advocate for policies that encourage blockchain and crypto advancement. In his statement, Garlinghouse made it clear that Ripple is more concerned about promoting pro-crypto regulations that stimulate growth and innovation in the industry, rather than aligning with a specific political party.

I value Chris’ (and everyone else’s) freedom to back who they believe is most suitable for leading the U.S.

— Brad Garlinghouse (@bgarlinghouse) October 21, 2024

During the Massachusetts Senate debate on October 15th, Senator Elizabeth Warren and Republican candidate John Deaton had a heated discussion about crypto regulation. Warren alleged that Deaton might be unduly swayed by the crypto industry because 90% of his campaign funding comes from crypto-related sources. She expressed worry that, if elected, Deaton could potentially prioritize his “crypto associates” and emphasized her belief that digital assets pose a risk to financial security as they are frequently used for illicit activities such as money laundering. Warren also drew attention to her anti-money laundering bill which aims to regulate miners and wallet providers.

In the context of the SEC vs. Ripple lawsuit, Deaton, a well-known figure, championed the crypto sector, likening it as a means for economic self-reliance. He recounted how Bitcoin assisted his mother in avoiding excessive banking fees, thereby portraying cryptocurrencies as a resource for underprivileged groups. Deaton humorously suggested that his support for XRP holders had something to do with Chris Larsen’s $1 million donation to Kamala Harris’ campaign, quipping, “Madam Vice President, your gratitude is noted.

The discussion became more intense when Deaton claimed that Warren seemed to place her “anti-cryptocurrency advocates” above addressing economic problems such as inflation. In contrast, Warren reaffirmed her stance on stricter regulations, highlighting the need for consumer protection against volatility and fraud, while also pointing out the environmental risks of cryptocurrency mining as a potential threat to national security.

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2024-10-22 10:56