Ripple Chairman Chris Larsen has made a notable $1 million cryptocurrency donation in XRP to support U.S. Democratic presidential candidate Kamala Harris. This is the first time that Harris has received a donation in the form of cryptocurrency and underlines Ripple’s backing of the candidate, even as the firm faces ongoing litigation with the US Securities and Exchange Commission (SEC).
According to the Federal Election Commission (FEC) disclosures, Larsen donated to Future Forward USA, a main super PAC supporting Kamala Harris for president in the 2024 election. Also, the Ripple co-founder has recently signed a letter backing up Kamala Harris as a candidate.
According to the report of September, 88 business executives signed the letter including the big personalities like Box CEO Aaron Levie, Yelp CEO Jeremy Stoppelman, and former 21st Century Fox CEO James Murdoch.
This comes at a time when cryptocurrency firms are operating in the grey area regarding the legal framework that governs operations in the industry, and this makes Larsen’s action of supporting a particular candidate a big deal. Ripple’s backing of Vice President Harris differentiates it from other companies that have supported candidates with positive attitudes towards crypto laws.
Ripple Chairman’s support extends beyond financial contributions. In the first week of August, Gene Sperling who previously served on the Ripple board also endorsed Kamala Harris.
Before this, Sperling was associated with the Biden administration and then shifted towards the Harris’ campaign, strengthening the bond between the cryptocurrency company and the candidate.
Sperling joining Vice President Harris’ team brings in the experience in economic policy and could be a sign that the two may work on financial technology and digital asset regulation. Nonetheless, Ripple has not disclosed any further about its participation in the Harris’ campaign than Larsen’s contribution and endorsement.
The donation and endorsement come in the middle of a long legal battle between Ripple and the SEC where the latter accused Ripple of conducting an unregistered securities sale through XRP. While a court decision from last week stated that XRP is not a security, the case remains open, with Ripple responding to the cross-appeal, and SEC standing by the accusations.
Such concerns that Ripple and other cryptocurrency companies are grappling with have given rise to debates over the necessity of well-defined legal frameworks. This has made some stakeholders in the industry to support candidates who may have inclined towards supporting cryptocurrencies, however, Ripple Chairman has decided to support Harris which is a completely different strategy.
The cryptocurrency community appears divided on political affiliations, with some leaders supporting candidates perceived to be more favorable towards digital assets. For instance, Cardano founder Charles Hoskinson recently suggested that a Republican administration might be more favorable to the industry, citing Donald Trump’s involvement with crypto projects and the regulatory stance of current officials.
Meanwhile, prediction markets such as Polymarket show Donald Trump holding a slight edge over Vice President Harris regarding winning odds. As of recent trading, Trump is leading with a 54.2% chance of winning the 2024 election, indicating a shift in sentiment among crypto investors and market participants.
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