Ripple co-founder Chris Larsen’s donation of XRP to Vice President Kamala Harris has sparked intense debate in the crypto space. Besides, it faced immense criticism from the XRP community as well. Many are criticizing the move and wondering if it will impact the ongoing lawsuit between Ripple SEC lawsuit.
Besides, some experts are even questioning whether the donation could influence the SEC’s stance on Ripple, especially with Chair Gary Gensler’s involvement.
The latest backing from Ripple co-founder Chris Larsen to US VP Kamala Harris has sparked discussions in the crypto market. Larsen said that his donation is to promote tech innovation in the US, and he believes that Harris will play a key role in shaping favorable policies for crypto space.
He said that it’s time for Democrats to adopt a more crypto-friendly approach to ensure American leadership in the blockchain space. Besides, Larsen has also revealed reasons behind his donations to the US Vice President in an interview, believing Harris would play a crucial role in shaping crypto-friendly policies.
Commenting on the update, Ripple CEO Brad Garlinghouse showed support for Larsen’s right to back his favorite candidate in the upcoming US election. However, he stressed the importance of bipartisan engagement in the crypto space. He believes that the crypto administration’s stance on crypto has hindered growth and innovation in the space.
Besides, many in the digital assets space, as well as the XRP community members have slammed Larsen for his donation. For instance, pro-XRP lawyer Bill Morgan expressed frustration, labeling his financial support for Harris as “misguided”.
On the other hand, ex-CEO of Messari crypto, Ryan Selkis also took a strong stance, criticizing Ripple co-founder for what he sees as exploiting retail investors through XRP. He has also slammed XRP, saying that stablecoin now holds more value than the crypto, dismissing Ripple’s contributions to the financial world.
Chris Larsen’s XRP donations to Harris have also sparked discussions over its legal impact, with legal experts weighing in on the matter. For context, in a recent X post, pro-XRP legal expert MetaLawMan sparked speculations about how this legal donation can affect the ongoing Ripple SEC lawsuit.
As the donation involves a significant amount of XRP, the process of converting it into fiat currencies or dollars could require the US SEC to monitor. This, as per the lawyer, could impact the US SEC’s appeal in the ongoing XRP lawsuit.
Meanwhile, the US SEC and the agency’s Chair Gary Gensler have faced immense criticism due to the recent appeal in the ongoing Ripple SEC lawsuit. Many believe that Gensler’s approach toward digital assets has hindered growth in the crypto space.
Given Gensler’s hawkish approach to the crypto industry, the legal expert speculates if the US VP will need to clear the transaction with the US SEC to cover the XRP donation into campaign funds. This development has sparked speculations that it could potentially complicate the battle between Ripple and the SEC in the ongoing lawsuit.
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