Ripple Co-Founder Backs Kamala Harris
Ripple Co-founder and Executive Chairman Chris Larsen has publicly endorsed Vice President Kamala Harris for the 2024 presidential election, joining a coalition of 88 corporate leaders who supported her candidacy in a letter released on Friday. This endorsement may underscore differing political views within Ripples leadership team.
Ripple Co-Founder Becomes Latest Corporate Endorser for Kamala Harris
Chris Larsen, Ripple Co-Founder and Executive Chairman, is one of 88 corporate leaders who have endorsed Vice President Kamala Harris for the U.S. presidency in a recent letter. Meanwhile, crypto firms have been actively participating in the current presidential election, with Ripple contributing significantly to the Fairshake PAC, which has amassed a $169 million fund.
While Chris Larsen is among the endorsers, other notable CEOs from companies such as Yelp, Box, and Snapchat have also supported the letter, according to CNBC. Ripple and its CEO, Brad Garlinghouse, have directed their campaign contributions towards influential Democrats.
Ripples financial support has primarily benefited pro-crypto PACs, including Fairshake, which advocates for crypto-friendly candidates from both major parties. Ripple Labs has significantly backed Fairshake, contributing approximately $48 million to influence the 2024 elections.
Although the broader crypto industry has sought to navigate between the two major political parties, Ripple's contributions have predominantly favored Republicans. For instance, Garlinghouse has personally donated $50,000 to a super-PAC aimed at bolstering the Republican Senate majority, as reported to the Federal Elections Commission.
This stance contrasts with the endorsement Larsen signed, which supports a Democratic administration under Kamala Harris. The letter emphasizes Harris' dedication to fostering fair and consistent policies that support the rule of law, stability, and a conducive business environment.
Ripples Legal Battle and Industry Support Shifts in 2024
Ripple is engaged in a lengthy legal dispute with the U.S. Securities and Exchange Commission (SEC), which alleges that the company violated securities laws in its sales of the XRP token. This case has become a key battleground between the cryptocurrency industry and regulators over how digital assets should be regulated in the U.S. Many in the industry believe that SEC Chair Gary Gensler's views align with those of Senator Elizabeth Warren.
While the crypto industry has invested substantial sums in congressional and presidential campaigns this year, many within the sector are supporting former President Donald Trump. Trump, who has shifted from previous skepticism to a strong advocate for cryptocurrency, recently stated in a New York speech that he aims to establish the U.S. as the global leader in crypto if re-elected.
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Text source: CryptoTicker
