Ripple Co-Founder Donates $10 Million in XRP to Kamala Harris Campaign
Date: 2024-10-23 Author: Gabriel Deangelo Categories: BUSINESS
Larsen has supported the Future Forward super committee, which is helping Harris advance in the political arena. He noted that it is time for Democrats to reconsider their approach to technological innovation, including cryptocurrencies. Larsen believes that Harris has the potential to strengthen the US position as a global leader in technology.
Ripple CEO Brad Garlinghouse expressed his views on Larsen’s actions, emphasizing that Ripple will continue to cooperate with both the Democratic and Republican parties. According to him, it is necessary to develop legislative measures that will allow cryptocurrency companies to thrive in the United States. Garlinghouse also added that Ripple will seek bipartisan dialogue ahead of the election to advance policies that support blockchain innovation.
Garlinghouse noted that Larsen and others have the right to support the leaders they deem worthy. He expressed confidence in the need to change policy and abandon the “war” on cryptocurrencies, emphasizing the importance of developing policies that will stimulate the development of technology. Garlinghouse also mentioned Ripple’s lawsuit with the US Securities and Exchange Commission (SEC).
The lawsuit against Ripple was filed by the SEC in December 2020. The commission alleged that the company illegally raised funds through the sale of unregistered securities in the form of XRP tokens. However, in 2023, Judge Analisa Torres ruled that sales of XRP on cryptocurrency exchanges to retail investors are not securities transactions, unlike sales to large legal entities, which can be considered such transactions. The SEC has appealed this decision.
Larsen has already donated 1,754,815 XRP, worth about $1 million, to Harris' campaign fund this month, according to Federal Election Commission (FEC) records. Lawyer Fred Rispoli noted that if Harris accepts the donation, it could mark an important step for Ripple in its dispute with the SEC, as it would indicate recognition of XRP's legitimacy.
