Chris Larsen, the co-founder of Ripple Labs (XRP), has publicly supported Vice President Kamala Harris for the 2024 US presidential elections. Larsen signed the letter with 88 other business leaders supporting Harris, which is a big step in the tech and crypto industry in the United States.
These developments are significant for Ripple and the overall cryptocurrency market, especially XRP, which is currently facing a lawsuit against the U.S. Securities and Exchange Commission (SEC).
Tech Leaders Back Kamala Harris in 2024 Campaign
Larsen’s endorsement and other leading technology executives show that the technology industry is highly involved in the US 2024 presidential campaigns. Other corporate executives who supported the letter included Yelp CEO Jeremy Stoppelman of enterprise cloud company Box and Snap Chairman Michael Lynton. This collective support shows how the business community is becoming more involved in determining the political landscape and policy agendas.
Chris Larsen’s political activism suggests that more tech CEOs may be willing to engage with regulators. This is aimed at clear regulations in the tech space. Given that Ripple is still in a legal fight with the U.S. SEC, this move could signify a desire for more pro-crypto policies.
Larsen’s Endorsement May Impact Ripple’s Future
The connection between Ripple and Kamala Harris’s campaign has consequences for the future of XRP and the crypto market. With the ongoing XRP lawsuit over its status as a security, this endorsement from a political figure can be significant. The outcome of the 2024 election will be crucial in determining Ripple’s next course of action in the market.
Being included in Harris’ campaign team, Gene Sperling, a former Ripple board member, strengthens the link between Ripple and the political scene. Sperling has previously served in economic policy positions under several U.S. presidents. He signed on with Harris’ campaign after his time in the White House. These political affiliations may inadvertently affect Ripple’s legal approach and policies.
Larsen’s endorsement of Harris indicates that Ripple may seek regulatory approval. If Harris’s administration is more supportive of crypto than the previous one, this might be helpful for XRP. On the other hand, since election outcomes are uncertain, opposition from regulatory bodies such as the SEC may persist.
Garlinghouse Predicts SEC Changes Post-Election
This is not the first time that representatives of the cryptocurrency industry are gaining political influence. David Plouffe, a Binance and Alchemy Pay adviser, has also joined Harris’ campaign. Thus, the crypto industry is expanding its presence in the U.S. elections.
Larsen’s decision follows that of former Ripple board member Gene Sperling, who resigned from state house positions to join Harris’s campaign. This shows and reaffirms the relationship between crypto insiders and political campaigns.
Ripple on XRP Price
Additionally, Ripple CEO Brad Garlinghouse claimed that the current SEC Chair Gary Gensler may resign after the election. This would happen irrespective of the outcome. Ripple’s legal issues have greatly affected the XRP price. It caused price to fall below the 3% mark, and it is currently being traded at $0.5303.
However, an opportunity may arise in Harris’s presidency when a different approach to cryptocurrency regulation is taken. Despite such partnerships, whether these will lead to better crypto laws and regulations is still unclear.
