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The Kamala Harris campaign team has received donation pledge of $10 million XRP by Ripple Labs co-founder David Ripple and left the XRP Community bewildered, considering the company has always shown pro-Republican Party leanings.
Ripple Labs co-founder and executive chairman Chris Larsen stated on X that the crypto heavyweight’s additional $10 million in XRP would boost Harris’ position against Donald Trump in the hope that she’ll introduce a “new approach to tech innovation.” Vice President Kamala Harris is facing off against former president and Republican Party candidate Donald Trump in next month’s election.
Varied Reactions on X
Larsen has, in the recent past, backed the Kamala Harris campaign kitty through contributions to the super political action (PAC) Future Forward that’s backing the VP. While he has donated $10 million in cash and $1 million in XRP tokens in August and September, it’s his latest donation of $10 million in XRP that has generated a hot debate within the XRP community. Responding to Larsen’s latest presidential campaign donation, Ripple Labs CEO Brad Garlinghouse said the XRP issuer would “continue to engage with both Democrats and Republicans” as long as they support pro-crypto policies in Congress.
As expected, the XRP community gave varied reactions on X, with many seemingly criticizing Larsen’s donation to the Kamala Harris campaign, claiming she had previously called digital assets a partisan issue. Considering that Ripple Labs had previously displayed a pro-republican leaning, many have questioned Larsen’s support, citing the Democratic Party candidate’s lack of support while she served as America’s VP. However, despite the colossal $10 million in XRP boost, the latest polls show Harris’ odds of winning against Trump to be low at 37.5% compared to Trump’s 62.5%.
Ripple’s Republican Leanings
Cryptocurrencies have taken centre stage during the 2024 US presidential election compared to past elections. As digital assets continue to experience remarkable growth and institutional adoption, the crypto community has continued to call for clearer regulations. Candidates have had to make their positions clear on their position on the emerging asset class since it’s becoming a pivotal issue. Republican Party Candidate Donald Trump has shown himself to be a believer and strong proponent of crypto through his involvement and advocacy for its growth within the US.
Despite Trump being open to crypto, several influential figures, including Chris Larsen, are gradually supporting the Kamala Harris campaign and her vision for the technology. What has surprised many is the fact that Ripple Labs has been at the forefront of efforts to lobby for crypto, with the company mostly supporting the Republican wing. Records show that the company’s chief legal officer, Stuart Alderoty, recently sent at least $300,000 toward Trump’s presidential campaign donation. Moreover, the XRP issuer has sent millions of dollars in support of Republican John Deaton, who is vying against Senator Elizabeth Warren in the Massachusetts Senate race.
Policies that Drive Crypto Innovation
In trying to defend Larsen’s right to donate to the Kamala Harris campaign, Ripple Labs CEO Garlinghouse emphasized the importance of leaving crypto policy as a priority across party lines. Garlinghouse told XRP community members they needed to be ready to “change course from this administration’s misguided war on crypto.” He underscored the need to remain open-minded during the final days of the campaigns, noting that beyond party lines, it was about “championing policies that drive blockchain and crypto innovation.”
As the 2024 election season reaches the final stretch, interest groups in the crypto space and pro-crypto individuals continue to pour millions of dollars in presidential campaign donations for candidates running for different seats. Though Chris Larsen has previously sent donations via PAC to Republican senate candidate John Deaton, he has now pledged $10 million in XRP to the Democratic Party’s Kamala Harris.
Conclusion
At the moment, the crypto community remains divided over which candidate best would protect their interest. With Larsen now supporting Harris, Cardano ADA founder Charles Hoskinson has thrown his weight behind Donald Trump, citing his pledge to remove SEC Chair Gary Gensler, who most crypto enthusiasts see as the greatest impediment to the growth of the crypto industry. While it’s still too early to tell which side is likely to carry the day during Election Day, it’s clear that crypto will play a significant role during this presidential election season.
