The latest major donation in the digital currency to the Democratic party occurred just a few weeks before the next US presidential election in November. Reportedly, Chris Larsen, the co-founder of Ripple Labs, has contributed $10 mln in XRP to the campaign in support of Kamala Harris, the VP. This high-profile contribution comes as Harris gears up for fundraising push and consolidation, particularly given the heightening talk on cryptocurrency policies.
Ripple was quick to confirm the donation, the second one from the company with Larsen donating earlier this year. In today’s political world, cryptocurrency is rapidly turning into a hot political issue and Chris Larsen’s donation reflects that change in the US political sphere.
Chris Laraen $10 Million Donation in XRP for Harris Campaign
Chris Larsen, a co-founder of Ripple and one of today’s leading personalities, boasted of personally donating $10 million worth of XRP to the Democratic PAC backing Harris. This donation reported and independently verified by media outlets, is part of the fund-raising drive in support of the Harris campaign, as affirmed by Ripple officials.
In August this year Chris Larsen had deposited 1,754,815.29 XRP of equivalent value of $1million to the same PAC, Future Forward USA that has been active and receiving large contributions this election cycle. Harris’ leadership in technology and cryptocurrency policy also seems to have received a boost through Larsen’s ongoing financial support.
He again took to the Tweeter (now X) and said, “It’s time for the Democrats to have a new approach to tech innovation including crypto.” He also assured that Harris would make sure that ‘American technology rules the world.’
Ripple’s History with Crypto Regulation and the SEC
Ripple, the fintech company that focuses on the use of blockchain for cross-border payments, has had conflicts with American regulators. The company came under pressure from a lawsuit from the SEC in early 2020, charging the company with selling XRP in the form of security without proper registration.
However, due to constant legal battles, Ripple made an achievement in 2023 by gaining the decision from a federal judge that sales of XRP on public exchanges was not securities. The court also concluded that $728 million of XRP sold to institutional clients violated securities laws. The case, familiar to the members of the crypto community, has put Ripple right in the middle of the battle over crypto regulation in the U.S.
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A current political donor and political activist, this could be Chris Larsen way to direct the crypto industry’s goals for the management of digital assets to the United States. The domino effect of his achievements might reimagine how subsequent governments manage cryptocurrency.
Brad Garlinghouse, the CEO of Ripple and a key figure in the cryptocurrency industry, stood behind Larsen’s campaign contributions. Garlinghouse ensured that he passed the message that pro-crypto policies should be a criterion in the next election in a tweet. “Ripple will continue to lobby both Democrats and Republicans… it’s not about whose side you are on; it’s about who is for policies that promote #blockchain + #crypto,” Garlinghouse tweeted on October 21, 2024.
The Role of Crypto in the 2024 U.S. Election
As reported by local media, both major political parties of the 2024 US presidential campaign have weighed in on the cryptocurrency phenomenon to explain how they intend to deal with the rapidly expanding sector. With regards to blockchain and cryptocurrency, Harris’ campaign staff has only in recent weeks started exploring how the U.S. could implement new policies to spur innovation in the fields a sharp turn from earlier in the election season.
On the other hand, the Republican candidate, the former president of the United States, Donald Trump, who supports the crypto industry has been funded considerably by the crypto lobby. Trump has been a supporter of the less regulation and polices that help to enhance the blockchain technology.
Consequently, most people in the cryptocurrency community, including Larsen, are keen on how the election will turn out to affect the BTC and other cryptocurrencies in the United States. While millions of dollars in donations have already been allocated to the campaign, both sides are trying to win over the continued growth of the crypto population.
Conclusion: A Major Moment for Crypto in US Politics
The $10 million donation of XRP to the campaign of Kamala Harris is a historic moment that changed the course of the interaction between cryptocurrency and US politics. Since the fate of regulation of the otherwise burgeoning sector remains uncertain, more stakeholders like Chris Larsen are rising to the occasion to have their say. While Ripple fights on in its battles with the SEC, it is actively participating in the political process as cryptocurrencies are increasingly part of tomorrow’s policies.
The victory or defeat in the 2024 election determines what will happen to the crypto space, and the effort Chris Larsen has made is evident of what the industry is willing to do to ensure it is supported by policies. Keep following TheBITJournal and keep an eye on crypto updates and developments.
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