In a surprising move, Chris Larsen, co-founder and CEO of Ripple, has donated approximately $1 million in XRP to Kamala Harris’s presidential campaign. This development comes as Ripple faces a protracted legal battle with the U.S. Securities and Exchange Commission (SEC), raising eyebrows among observers in the cryptocurrency community.
According to CoinTelegraph, Federal Election Commission (FEC) records reveal that Larsen contributed 1,754,815.29 XRP, valued at around $1 million, to a PAC supporting Harris in August. As noted by Fox Business reporter Eleanor Terrett, this marks the first formal involvement of cryptocurrency market participants in Harris’s campaign.
Ripple Co-Founder Donates $1 Million to Harris Campaign
Other notable figures in the crypto space supporting Harris include Vitalik Buterin, co-founder of Ethereum, who has emphasized that crypto advocates should not vote selfishly, solely for the interests of their market.
Larsen’s donation does not indicate a shift in the Democratic Party’s stance, as similar sentiments were expressed by President Biden earlier this year. However, the timing of the donation is particularly intriguing given Larsen’s ongoing legal issues with the SEC.
In contrast, former President Donald Trump has openly supported the crypto industry, recently attending the 2024 Bitcoin conference and pledging to end what he called the “crusade against cryptocurrencies.” Trump has also stated that if re-elected, he would never sell U.S. Bitcoin, gaining a considerable following in the crypto sector. One prominent supporter is Charles Hoskinson, founder of Cardano, who has argued that the survival of cryptocurrencies hinges on Trump’s return to the presidency.
As the presidential race heats up, the intersection of politics and the cryptocurrency market is becoming increasingly apparent, with major players from the crypto industry engaging in political discourse like never before.
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