Crypto Community Baffled as Ripple Co-Founder Donates $10M in XRP to Harris’ Presidential Campaign

TL;DR

• Chris Larsen’s substantial donation to Kamala Harris surprised pro-XRP individuals.
• Ripple CEO Brad Garlinghouse emphasized the company’s neutrality, advocating for pro-crypto policies from both the Republican and Democratic parties.

Support for the Democrats

The US presidential elections, scheduled for November 5, promise to be quite contested. According to national polls, the Democratic candidate Kamala Harris has a minor lead, collecting 48.2% of the total votes, while her opponent from the Republican party – Donald Trump – has the support of 46.4% of the people. Polymarket, on the other hand, shows that Harris is the underdog. 

Many industry participants consider Trump the better choice for pro-crypto voters, considering his comments over the past several months. As such, the community was left puzzled after Ripple’s co-founder Chris Larsen announced a $10 million worth of XRP donation to Kamala Harris’ campaign.

It’s time for the Democrats to have a new approach to tech innovation, including crypto. I believe @KamalaHarris will ensure that American technology dominates the world, which is why I’m donating $10M in XRP in support of her. https://t.co/vb9KJA87JK

— Chris Larsen (@chrislarsensf) October 21, 2024

Ripple’s CEO Brad Garlinghouse said he respects Larsen’s decision to support whomever he thinks is best to lead America. He assured that the company will continue to engage with both parties in the final days before the election (and after the vote) “to promote pro-crypto policies.”

“It’s not about party lines; it’s about championing policies that drive blockchain and crypto innovation,” he added.

Harris was initially negligent to the cryptocurrency industry. Last week, though, she advocated for a comprehensive crypto regulatory framework to protect “black men and others” who participate in the market.

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The Community’s Reaction

Despite Garlinghouse’s supportive stance, most X users commenting on Larsen’s post viewed the donation as inappropriate. After all, a potential Trump victory could ease the tension between Ripple and the US SEC, considering the billionaire’s promise to fire the regulator’s Chairman, Gary Gensler.

Gensler and the agency he spearheads have been at a legal war with the firm for nearly four years. Not long ago, the watchdog officially appealed a 2023 verdict set by Judge Analisa Torres, prolonging the lawsuit for another few years (most likely) and suppressing the price of XRP due to a fresh doze of uncertainty.