Ripple Chairman Donated $1M XRP To Kamala Harris Amid SEC Lawsuit

Ripple Chairman Chris Larsen has made a notable $1 million cryptocurrency donation in XRP to help U.S. Democratic presidential candidate Kamala Harris. That is the primary time that Harris has obtained a donation within the type of cryptocurrency and underlines Ripple’s backing of the candidate, even because the agency faces ongoing litigation with the US Securities and Trade Fee (SEC).

Ripple Chairman Chris Larsen Endorses Kamala Harris

In line with the Federal Election Fee (FEC) disclosures, Larsen donated to Future Ahead USA, a principal tremendous PAC supporting Kamala Harris for president in the 2024 election. Additionally, the Ripple co-founder has just lately signed a letter backing up Kamala Harris as a candidate.

In line with the report of September, 88 enterprise executives signed the letter together with the large personalities like Field CEO Aaron Levie, Yelp CEO Jeremy Stoppelman, and former twenty first Century Fox CEO James Murdoch.

This comes at a time when cryptocurrency companies are working within the gray space relating to the authorized framework that governs operations within the business, and this makes Larsen’s motion of supporting a selected candidate an enormous deal. Ripple’s backing of Vice President Harris differentiates it from different firms which have supported candidates with optimistic attitudes in the direction of crypto legal guidelines.

Former Ripple Board Member Joins Harris Marketing campaign

Ripple Chairman’s help extends past monetary contributions. Within the first week of August, Gene Sperling who beforehand served on the Ripple board additionally endorsed Kamala Harris.

Earlier than this, Sperling was related to the Biden administration after which shifted in the direction of the Harris’ marketing campaign, strengthening the bond between the cryptocurrency firm and the candidate.

Sperling becoming a member of Vice President Harris’ crew brings within the expertise in financial coverage and could possibly be an indication that the 2 may match on monetary expertise and digital asset regulation. Nonetheless, Ripple has not disclosed any additional about its participation within the Harris’ marketing campaign than Larsen’s contribution and endorsement.

Ongoing XRP-SEC Lawsuit

The donation and endorsement come in the course of an extended authorized battle between Ripple and the SEC the place the latter accused Ripple of conducting an unregistered securities sale by way of XRP. Whereas a courtroom resolution from final week acknowledged that XRP is not a security, the case stays open, with Ripple responding to the cross-appeal, and SEC standing by the accusations.

Such issues that Ripple and different cryptocurrency firms are grappling with have given rise to debates over the need of well-defined authorized frameworks. This has made some stakeholders within the business to help candidates who could have inclined in the direction of supporting cryptocurrencies, nevertheless, Ripple Chairman has determined to help Harris which is a very totally different technique.

The cryptocurrency group seems divided on political affiliations, with some leaders supporting candidates perceived to be extra favorable in the direction of digital property. For example, Cardano founder Charles Hoskinson just lately prompt {that a} Republican administration is perhaps extra favorable to the business, citing Donald Trump’s involvement with crypto tasks and the regulatory stance of present officers.

In the meantime, prediction markets akin to Polymarket present Donald Trump holding a slight edge over Vice President Harris relating to profitable odds. As of latest buying and selling, Trump is main with a 54.2% likelihood of profitable the 2024 election, indicating a shift in sentiment amongst crypto traders and market members.