Ripple co-founder Chris Larsen has made another significant donation in the run-up to the U.S. elections. On Monday, Larsen announced that he had donated an additional $10 million in XRP, the seventh-largest digital asset by market cap, to support Vice President Kamala Harris’s presidential campaign.
Larsen's Support for Kamala Harris
Larsen confirmed his donation via a tweet and Ripple later verified it. The New York Times also reported that Larsen had previously donated $10 million to the Democratic PAC Future Forward, marking a record fundraising period for the Harris campaign. Larsen believes that Harris will “ensure that American technology dominates the world,” with a specific emphasis on tech innovation, including cryptocurrencies like XRP.Previous Donations and Ripple's Legal Battle
This donation follows a previous one in August where Larsen contributed nearly $1 million in XRP to the same PAC. Ripple, under Larsen's leadership, has had a combative relationship with the U.S. government, notably facing a $1.3 billion lawsuit from the Securities and Exchange Commission (SEC) over XRP. The case resulted in a partial win for Ripple in 2023, with the courts ruling that XRP sales to retail investors were not securities. However, institutional sales were deemed unregistered securities, leaving some legal battles unresolved.Ripple's Ongoing Fight with the SEC
Ripple’s CEO, Brad Garlinghouse, praised Larsen’s latest donation while reiterating Ripple’s stance against what they perceive as the current administration’s “misguided war on crypto.” With the election just weeks away, Garlinghouse emphasized that Ripple would continue to engage with both Democrats and Republicans to promote pro-crypto policies.Trump as the Crypto-Friendly Candidate
As the election nears, Donald Trump has emerged as the more crypto-friendly candidate, receiving substantial donations from the industry. While Harris has only recently outlined her stance on crypto, Larsen’s donation reflects his belief that she will support the industry moving forward.
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