As a seasoned crypto investor with a knack for following political trends, this latest development in the 2024 US Presidential election has piqued my interest. Chris Larsen, co-founder of Ripple, making the first documented cryptocurrency donation to Kamala Harris’ campaign is not only a significant milestone for the crypto industry but also a strategic move by both parties.
The co-founder of fintech giant Ripple, Chris Larsen, has made the first documented cryptocurrency donation to U.S. Presidential candidate and current Vice President Kamala Harris, sending $1 million worth of XRP to a Political Action Committee (PAC) supporting her.
As reported by Eleanor Terrett from Fox Business, a contribution worth approximately 1.75 million units of Ripple (XRP) was donated to one of the prominent super PACs backing Harris’ campaign, known as Future Forward USA.
🚨EXCLUSIVE: Ripple’s co-founder Chris Larsen has made the first known cryptocurrency donation, contributing $1 million worth of XRP to Kamala Harris’ leading super PAC, Future Forward USA, as disclosed in recent FEC filings. (Credit: AppBreadcrumbs)— Eleanor Terrett (@EleanorTerrett) October 11, 2024
In simpler terms, when you donate cryptocurrency to Future Forward USA, it gets processed via Coinbase Commerce and immediately switches to USDC, a digital coin linked to the U.S. dollar‘s value. This helps reduce any risks associated with fluctuations in cryptocurrency values.
In sum, the PAC has accumulated $200 million from contributions made by notable figures such as venture capitalist Reid Hoffman and Coinbase itself. Notably, Larsen’s donation comes during a period when Ripple is engaged in an ongoing legal dispute with the U.S. Securities and Exchange Commission (SEC).
The legal dispute began when the Securatory and Exchange Commission (SEC) filed a lawsuit against Ripple and two of its top managers in 2020, claiming they had amassed more than $1.3 billion through an unregistered, continuous sale of digital asset securities without proper authorization.
Previously, Judge Analisa Torres from the United States District Court for the Southern District of New York made a detailed decision in the ongoing legal case. She stated that transactions involving the sale of XRP in secondary markets were not considered investment contracts because the money did not originate from Ripple. However, it was found that Ripple’s sales of XRP to institutional investors breached securities law.
Significantly, cryptocurrency plays a pivotal role in the 2024 U.S. Presidential race, as both contenders are now open to receiving digital currency donations. Harris’ economic strategy emphasizes fostering groundbreaking technologies, while Trump has pledged to back the cryptocurrency sector.
Previously this year, Donald Trump expressed his views in a pro-cryptocurrency address, stating that Bitcoin is uniquely extraordinary and may potentially exceed the market value of gold someday. In this speech, he pledged to advocate for the sector and retain all the Bitcoin owned by the U.S. government at present.
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2024-10-12 05:07