Chris Larsen, the co-founder of Ripple, recently made headlines with his $10 million XRP donation to US Vice President Kamala Harris. While he claims the donation is aimed at promoting technological innovation and advancing crypto-friendly policies, it has sparked significant backlash from the crypto community. Many are now wondering if this move could impact Ripple’s ongoing legal battle with the SEC.
While the Ripple vs SEC case is still up in the air and there is no clarity on SEC’s next move, Larsen’s support for Harris is quite confusing.
This is how the community responded to the controversy!
The motive behind the donation
Larsen’s primary goal is to confide in Harris to create legislation that supports blockchain and cryptocurrency innovation in the US. He is passionate about positioning America as a leader in the crypto space and considers Harris an essential ally in this mission. According to him, supporting politicians who understand the importance of technology is crucial for America’s future.
Despite his good intentions, Larsen’s donation is not well received by everyone. XRP attorney Bill Morgan in particular raised concerns, labeling the donation as “misplaced” and expressing fear that it could negatively impact Ripple’s standing with the SEC. Additionally, Ryan Selkis, the former CEO of Messari Crypto, criticized Larsen, claiming he is taking advantage of retail investors and questioning the value of XRP compared to stablecoins.
Speaking further, venture entrepreneur Nic Carter called Larsen’s contributions “completely mind-boggling.” Another cryptocurrency analyst named Kyle Chassé expressed his surprise at Ripple’s decision and questioned its consequences.
Legal consequences: what could this mean for Ripple?
Furthermore, this also creates a rift in the ongoing Ripple vs SEC case as many wonder if Chris Larsen’s donation to Kamala Harris could influence the case. Legal experts, such as MetaLawMan, are concerned that this large donation could attract the attention of the SEC. Because XRP is at the center of the lawsuit, converting this donation into campaign funds could require additional regulatory checks, which could complicate matters for Ripple. With SEC Chairman Gary Gensler being strict on crypto regulations, the situation is becoming tense.
Ripple’s CEO weighs in
Ripple CEO Brad Garlinghouse has defended Chris Larsen, saying everyone has the right to support their chosen political candidates. He emphasized the need for both political parties to work together on crypto regulations. Garlinghouse believes that collaboration is crucial to creating a fair regulatory environment for digital assets.
Do you think Larsen’s move will mean more trouble for XRP? Tell us your opinion.
