Can Ripple’s $10M XRP Donation to Kamala Harris Help Crypto?

• Ripple Chairman and co-founder multiplies initial $1M XRP donation by ten.
• The Democrats tarnished their relationship with crypto during Biden’s term.
• Does harnessing blockchain tech align with Kamala Harris’s political goals?

XRP’s Chris Larsen stunned the crypto sphere with his second political donation this month, but it’s ten times bigger this time. Ripple’s outspoken co-founder donated $10M XRP to Kamala Harris’s presidential campaign, calling for a fresh approach to technology and innovation, including cryptocurrencies.

Ripple Calls for Clear Crypto Legislation

“I believe @KamalaHarris will ensure that American technology dominates the world,” proclaimed Larsen. The message saw a reply from another prominent crypto figure, Brad Garlinghouse, Ripple’s current CEO. The technology entrepreneur urged the leading politicians to “immediately change course from this administration’s misguided war on crypto.”

Pledging to continue engagement with Democratic and Republican parties, Ripple‘s CEO emphasized the bigger picture of the upcoming election. “It’s not about party lines; it’s about championing policies that drive blockchain and crypto innovation,” reads the reply.

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Earlier in May 2024, Ripple donated $50 million to a super political action committee (PAC) that supported pro-crypto political figures on both sides, including Bernie Moreno, Patrick McHenry, Dusty Johnson, and other rising crypto-friendly politicians.

Is Crypto Getting Bi-Partisan Support?

Ripple was sued by the Securities and Exchange Commission (SEC) during the last months of Trump’s administration in December 2020. However, Trump is considered by many the friendlier option for crypto.

Besides raising $12 million in a Silicon Valley fundraiser, the Republican candidate vowed to be the nation’s “Crypto President,” who will take down the Chair of the SEC, Gary Gensler, as a priority when he returns to the Oval Office.

Popular opinion holds that Gensler is a crypto antagonist, as the numerous crackdowns on highly reputable and dubious-reputation crypto firms testify.

This has pushed Trump’s domination in the crypto electorate to unprecedented levels. The current PolyMarket chances suggest a historical difference between Trump and Harris, 62% to 38%, respectively. Prominent crypto figures like Cardano founder Charles Hoskinson and Kraken’s Jesse Powell have recently supported Trump’s campaign either verbally or financially.

Harris has distanced herself from anti-crypto Senator Elizabeth Warren’s drastic actions, which included imposing anti-money laundering laws on Bitcoin mining industries in the United States. After months of silence, Harris vowed to nurture innovative technologies, including artificial intelligence and the blockchain.

On the Flipside

• Despite a series of stringent rules on crypto, the SEC has made history by approving two landmark exchange-traded funds.
• The first Bitcoin ETF was launched in January, and an Ethereum Spot ETF followed in the summer.

Why This Matters

As the United States strives to secure leadership in technology and innovations, blockchain and crypto have become unavoidable topics in the current political scene. The crypto electorate is clearly rising in influence, as both candidates acknowledge its importance.

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