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Chris Larsen donates $10M in XRP to support Kamala Harris campaign

Chris Larsen donates $10M in XRP to support Kamala Harris campaign

GrafaGrafa2024/10/22 01:30
By:Mahathir Bayena

Ripple (CRYPTO:XRP) co-founder Chris Larsen has contributed an additional $10 million in XRP to back Vice President Kamala Harris in her bid for the U.S. presidency. 

The donation marks a significant gesture as the Harris campaign experiences a record-breaking fundraising quarter. 

This latest contribution is separate from a $1 million XRP donation that Larsen made in August, according to Ripple Labs. 

Larsen confirmed the donation on social media, stating, “It’s time for the Democrats to have a new approach to tech innovation, including crypto.” 

He also expressed confidence in Harris, believing she would help ensure that American technology continues to lead globally. 

The donation, made in XRP—the cryptocurrency that Larsen co-founded and Ripple uses for cross-border transactions—comes as Ripple navigates ongoing legal challenges with the U.S. Securities and Exchange Commission (SEC). 

The SEC had filed a $1.3 billion lawsuit against Ripple in 2020, alleging the sale of unregistered securities through XRP. 

A ruling last year determined that retail sales of XRP on exchanges were not securities, though the case remains under appeal. 

Ripple CEO Brad Garlinghouse commented on Larsen’s donation, emphasising the need for change in how the current administration handles crypto regulation. 

"We need to immediately change course from this administration’s misguided war on crypto," Garlinghouse said, adding that Ripple would continue to advocate for pro-crypto policies, regardless of party affiliation. 

As the U.S. election draws near, former president Donald Trump has positioned himself as more crypto-friendly, garnering considerable financial support from the industry. 

Meanwhile, the Harris campaign has only recently begun addressing its stance on the future of the crypto sector. 

At the time of writing, the XRP price was $0.5443.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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