As the US presidential election approaches, the crypto industry has emerged as a focal point of political debate, with key figures from blockchain payments company Ripple expressing divided support for leading candidates Vice President Kamala Harris and former President Donald Trump.
This division comes amid ongoing debates over regulatory frameworks, particularly with regard to the US Securities and Exchange Commission (SEC) and its enforcement actions against the cryptocurrency sector.
Ripple Larsen’s $1M XRP Donation
Christian Larsen, co-founder of Ripple, made headlines when he made the first document crypto donation to Kamala Harris’ campaign, contributing $1 million in XRP to a prominent super political action committee (PAC) supporting her candidacy.
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This donation was revealed through recent filings with the Federal Election Commission (FEC), as reported by FOX journalist Eleanor Terret. Larsen’s contribution means a strategy endorsement from Harris, who recently spoke about the support needed to grow the digital asset ecosystem.
This political move comes on the heels of comments from Ripple CEO Brad Garlinghouse, who criticized the SEC’s ongoing legal battle against the company.
The SEC recently appealed a favorable decision by judge Analisa Torres, who stated that XRP, when sold on public exchanges, does not qualify as a security under existing laws. In response, Ripple announced would file a cross-appeal against the SEC on Thursday, intensifying the ongoing legal conflict.
Crypto Community Divided?
Garlinghouse has been outspoken about the SEC’s actions, recently stating, “If Gensler and the SEC cared about the rule of law, they would accept their loss and move on.”
Ripple’s CEO argues that the regulator is more interested in causing disruption than providing clarity to industry players, warning that the agency’s actions could stifle US technological innovation.
Although Larsen has aligned himself with Harris, the crypto community’s political contributions are not one-sided. Gary Cardone, a well-known investor in digital assets, together with Winklevoss twins, founders of the Gemini exchange, and Kraken co-founder Jesse Powell publicly supported Donald Trump.
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Trump’s campaign positioned him as a pro-crypto candidate, promising to elevate the United States as the global cryptocurrency leader.
The former president and Republican candidate criticized regulatory overreach, saying: “They want to suffocate it and we won’t let that happen.” Trump has also committed to replacing SEC Chairman Gary Gensler upon his potential return to the White House, further indicating his commitment to promoting an enabling environment for the crypto industry.
At the time of writing, XRP was trading at $0.5379, showing no change from Thursday’s trading session.
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