Key Takeaways
- Ripple co-founder Chris Larsen donates $10 million in XRP to support Kamala Harris.
- XRP proponents questioned Larsen’s donations considering Ripple’s pro-Republican leanings.
- Crypto policies emerge as a key factor in the 2024 presidential election.
In a move that has left the XRP community bewildered, considering their support for pro-crypto candidates, Chris Larsen, co-founder of Ripple, has pledged to donate an additional $10 million in XRP to support Kamala Harris’s presidential campaign.
Billionaire’s Political Bet
Larsen has made several generous contributions to Future Forward, a super political action committee (PAC) backing Harris.
In August and September, Larsen donated $10 million in cash and $1 million in XRP.
The Ripple co-founder’s latest donation has sparked debate among XRP proponents.
Given the company’s pro-Republican leanings, they questioned Larsen’s support for Democratic nominee Harris, citing her lack of support for the crypto community during her tenure as Vice President.
Ripple’s Political Divide
Ripple is at the forefront of crypto lobbying efforts in the U.S. this presidential election season.
The company’s support has mostly been for Republican candidates this year.
Stuart Alderoty, the company’s chief legal officer, has donated over $300,000 to the Trump campaign.
Additionally, Ripple has poured millions into supporting Republican John Deaton, who is challenging Senator Elizabeth Warren in the high-stakes Massachusetts Senate race.
In a statement, Ripple CEO Brad Garlinghouse defended Larsen’s right to support the candidate of his choice, emphasizing that crypto policy should be a priority across party lines.
“We need to immediately change course from this administration’s misguided war on crypto.”
Garlinghouse noted that Ripple will continue to engage with both Democrats and Republicans in the final days of the campaigns to promote pro-crypto policies.
“It’s not about party lines; it’s about championing policies that drive blockchain and crypto innovation.”
Crypto Policies Become a Pressing Issue For Voters
Cryptocurrency policies have become more relevant than ever in the 2024 presidential election.
A recent survey from the Digital Chamber (TDC) found that one in seven American voters considers a candidate’s stance on cryptocurrency a critical factor in their vote for the presidency.
Conversely, a report by Consensys published on Oct. 1 revealed that at least half of U.S. voters believe it’s important for their candidate to take a pro-crypto stance.
However, what’s telling about both surveys is that they revealed that crypto was a bipartisan issue.
It didn’t matter if it was a Democrat or a Republican running the show.
TDC’s survey highlighted that partisans on both sides believe their candidate is more supportive of crypto.
Interestingly, according to Consensys, 33% of voters say they are more likely to sway toward Harris if she takes a pro-crypto stance.
Furthermore, TDC data suggests that Republicans and Democrats agree that elected officials should prioritize supporting the crypto sector.
There’s no denying that crypto will likely play a significant role in crowning the next president this election season.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
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