- Chris Larsen donates $1.9 million to Kamala Harris, supporting clearer crypto regulations under her potential presidency.
- Ripple co-founder’s support contrasts with broader crypto backing for Trump due to concerns over SEC’s stringent policies.
Chris Larsen, co-founder and chairman of Ripple, has thrown his financial support behind Vice President Kamala Harris, diverging from many in the crypto industry who are backing Donald Trump.
Larsen’s support is not just about political alignment but also about fostering a regulatory environment that he believes will be more favorable to the crypto industry under Harris’s leadership.
Larsen’s contributions to Harris’s campaign have been substantial, totaling around $1.9 million, funneled directly and through various PACs. This support stems from his confidence in Harris’s understanding of the innovation economy, bolstered by her Bay Area roots and a history of interactions that have convinced Larsen of her capabilities to support tech growth and regulatory clarity.
“What we’ve had to date has been almost like purposeful chaos by Gensler to kind of crush the domestic industry,” Larsen said. That “has only empowered sketchier foreign operations. It just doesn’t make any sense,” he said, adding that “Gensler must be the most unpopular person in Washington, D.C.”
Harris’s campaign has recently been buoyed by the crypto community, despite a general leaning towards Republican candidates within the sector, primarily due to concerns over the current SEC leadership under Gary Gensler.
Gensler’s tenure has been marked by stringent regulatory actions against crypto entities, including Ripple, which underpins the community’s broader apprehension towards Democratic policies perceived as unfriendly towards the crypto space.
In contrast, Trump has proposed initiatives that resonate with a significant segment of the crypto community, including his own crypto project and endorsements of policies that support cryptocurrency and blockchain technologies. This has solidified his support among those who view regulatory crackdowns as detrimental to the industry’s growth.
The dichotomy in crypto political donations highlights a pivotal moment for the industry, seeking stability and clear regulations. Larsen’s backing of Harris, along with contributions from other notable industry figures to various candidates, underscores the increasing influence and strategic interests of crypto stakeholders in shaping U.S. political and regulatory.
“The Ripple community and even the crypto community in general has a lot of skepticism toward Kamala’s candidacy and what policies she would put into place.” Reflecting much of the online sentiment.
Harris’s acknowledgment of cryptocurrencies and her proposed policies to foster technological innovations like AI and digital assets, while ensuring consumer and investor protection, offer a glimpse into the potential directional shifts in policy that could significantly impact the crypto industry.
As election day approaches, the crypto community remains split, reflecting broader national divisions, but undeniably eager for a regulatory framework that supports the burgeoning industry’s evolution and integration into mainstream finance.
The current price of XRP (Ripple) is $0.53723 USD, with a decline of 2.01% in recent hours. Over the past month, the price has dropped by 9.51%. However, it has shown an 8.83% increase over the last six months and a 10.53% gain over the past year.
From a technical perspective, XRP has been in a consolidation phase, and some analysts suggest that the price may seek liquidity around the $0.50 USD level before making an upward move.
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