Chris Larsen, the co-founder of Ripple, has recently made headlines for his $10M XRP donation to the U.S. Vice President Kamala Harris. While he claims the donation is aimed at promoting technological innovation and fostering crypto-friendly policies, it has ignited significant backlash from the crypto community. Many are now pondering whether this move could influence Ripple’s ongoing legal battle with the SEC.
While the Ripple vs SEC case is still hanging in the air and without any clarity on SEC’s next move, Larsen’s Harris support is quite puzzling.
Here’s how the community reacted to the controversy!
The Motive Behind the Donation
Larsen’s primary aim is to take Harris in confidence to create legislation that supports blockchain and cryptocurrency innovation in the U.S. He’s passionate about positioning America as a leader in the crypto space and views Harris as a vital ally in this mission. In his view, backing politicians who know the importance of technology is crucial for the future of America.
Despite his good intentions, Larsen’s donation has not gone over well with everyone. Notably, XRP attorney Bill Morgan voiced his concerns, labeling the donation as “misguided” and expressing fear that it could adversely affect Ripple’s standing with the SEC. Additionally, Ryan Selkis, the former CEO of Messari Crypto, criticized Larsen, alleging that he is taking advantage of retail investors and questioning XRP’s value compared to stablecoins.
Moving on, Venture entrepreneur Nic Carter called Larsen’s contributions “Completely Baffling.” Another cryptocurrency analyst who goes by Kyle Chassé expressed his surprise at Ripple’s decision and questioned its consequences.
Legal Ramifications: What Could This Mean for Ripple?
Moreover, this is also creating a rift in the ongoing Ripple vs SEC case as many wondering if Chris Larsen’s donation to Kamala Harris may affect the case proceedings. Legal experts, like MetaLawMan, are concerned that this large donation could catch the SEC’s attention. Since XRP is central to the lawsuit, turning this donation into campaign funds might need extra regulatory checks, which could complicate things for Ripple. With SEC Chair Gary Gensler being strict about crypto rules, the situation is getting 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 stressed the need for both political parties to work together on crypto regulations. Garlinghouse believes that collaboration is crucial for creating a fair regulatory environment for digital assets.
Do you think Larsen’s move may bring more woes for XRP? Tell us your views.
