Ripple’s Co-Founder and Executive Chairman, Chris Larsen, is among 88 corporate leaders endorsing Vice-President Kamala Harris for President of the United States. This endorsement comes amid Ripple’s growing influence in the 2024 U.S. elections, where it has emerged as one of the top donors.
Ripple, a key player in the crypto industry, has contributed significantly to the Fairshake PAC, a political action committee advocating for crypto-friendly candidates across both major political parties. The company has helped build a $169 million war chest to influence the outcome of the elections. Ripple has contributed approximately $48 million, making it one of the largest supporters of crypto candidates.
However, Ripple’s political strategy appears divided. While Chris Larsen’s endorsement leans towards Harris and the Democrats, Ripple’s CEO Brad Garlinghouse has shown his support for Senate Republicans. Garlinghouse has contributed $50,000 to a PAC aimed at securing a Republican majority in the Senate, particularly focusing on opposing Senator Elizabeth Warren, a prominent critic of the crypto industry.
Ripple has been at the center of an ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), over allegations that the company violated securities laws during its XRP token sales. The crypto industry views SEC Chair Gary Gensler, whose regulatory stance aligns with Warren’s, as a significant hurdle for the future of digital assets.
While Harris hasn’t explicitly outlined her stance on crypto, her campaign officials have indicated she is open to fostering policies that support the industry. A recent move by one of her supporting PACs to accept crypto donations signals potential Democratic openness to digital assets. In contrast, former President Donald Trump, another major contender in the 2024 race, has voiced strong support for cryptocurrencies, promising to make the U.S. the global crypto capital if re-elected.
The contrasting political allegiances within Ripple’s leadership highlight the complexity of the company’s approach in navigating the current U.S. political landscape.
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