Ripple Co-Founder Joins Kamala Harris' New Corporate Endorsers

Ripple Co-Founder Chris Larsen has joined a group of 88 corporate leaders endorsing Vice-President Kamala Harris for the U.S. presidency. This endorsement highlights the increasing involvement of cryptocurrency companies in the political landscape, particularly in the upcoming 2024 elections.

Key Takeaways

• Chris Larsen, Ripple Co-Founder, endorses Kamala Harris for U.S. President.

• Ripple and other crypto companies are actively participating in the 2024 elections.

• Ripple has contributed significantly to pro-crypto political action committees (PACs).

• The endorsement reveals potential political differences among Ripple's leadership.

Ripple's Political Involvement

Chris Larsen, Co-Founder and Executive Chairman of Ripple, is among the 88 corporate leaders who endorsed Vice-President Kamala Harris for the U.S. presidency. This endorsement was made public in a letter, which also included support from CEOs of companies like Yelp, Box, and Snapchat. The letter argues that Harris would advance fair and predictable policies that support the rule of law, stability, and a sound business environment.

Ripple has been very active in the current U.S. presidential election, contributing significantly to pro-crypto super political action committees (PACs) like the Fairshake PAC. Ripple Labs has donated approximately $48 million to influence the 2024 elections. The company's CEO, Brad Garlinghouse, has also personally contributed $50,000 to a super-PAC aimed at building a Republican majority in the Senate.

Political Differences Within Ripple

While Chris Larsen's endorsement of Kamala Harris suggests a preference for a Democratic administration, Brad Garlinghouse's contributions indicate a leaning towards the Republican side. This reveals potential political differences within Ripple's leadership. Garlinghouse has targeted prominent Democrats, including Sen. Elizabeth Warren, a known crypto critic.

Ripple's Legal Battle with the SEC

Ripple has been in a prolonged legal battle with the U.S. Securities and Exchange Commission (SEC) over allegations that the company violated securities laws in its sales of the XRP token. This case is one of the foundational battles between the cryptocurrency industry and regulators over how digital assets should be overseen by the U.S. government. The SEC's stance, led by Chair Gary Gensler, is seen as aligned with that of Sen. Elizabeth Warren.

The Broader Crypto Political Landscape

The cryptocurrency sector has injected unprecedented levels of money into the 2024 congressional and presidential races. While the emerging view among digital asset businesses and enthusiasts has favored former President Donald Trump, who has embraced crypto, Kamala Harris has not been as vocal about her crypto policy stance. However, her campaign officials have signaled support for policies that encourage the growth of the crypto industry.

One of Harris' supporting PACs, Future Forward USA, has recently taken steps to allow digital asset donations to her campaign. This move may indicate that the Democratic Party is warming up to the idea of cryptocurrencies.

"Coinbase can confirm that the Future Forward PAC has onboarded with Coinbase Commerce to accept crypto donations," a spokesperson told CoinDesk earlier this week. Future Forward USA is a major source of support for Harris, and this step may signal that the Democrats are becoming more receptive to crypto.

Conclusion

Chris Larsen's endorsement of Kamala Harris for the U.S. presidency highlights the growing influence of the cryptocurrency industry in American politics. While Ripple's leadership appears divided in their political affiliations, the company's significant contributions to pro-crypto PACs underscore its commitment to shaping the future of digital asset regulation in the United States.

Sources

• Ripple Co-Founder Chris Larsen Among Kamala Harris' New Corporate Endorsers, CoinDesk.

• Chris Larsen, cofundador de Ripple, entre los nuevos patrocinadores empresariales de Kamala Harris, CoinDesk.

• Ang Ripple Co-Founder na si Chris Larsen sa Mga Bagong Corporate Endorser ni Kamala Harris, CoinDesk.

• O cofundador da Ripple, Chris Larsen, está entre os novos apoiadores corporativos de Kamala Harris, CoinDesk.

• Соучредитель Ripple Крис Ларсен среди новых корпоративных сторонников Камалы Харрис, CoinDesk.