Ripple co-founder Chris Larsen’s recent XRP donation to US Vice President Kamala Harris faces heavy criticism from the crypto market as well as from the XRP community. Besides, a top lawyer has also sparked speculations about how the donation would impact the ongoing Ripple SEC lawsuit going ahead. The legal expert questioned whether this donation could influence the SEC’s stance on the firm, especially with the agency’s Chair Gary Gensler’s involvement.
Chris Larsen Faces Criticism Over Kamala Harris’s Donation
The latest backing from Ripple co-founder Chris Larsen to US VP Kamala Harris has sparked discussions in the crypto market. Larsen said that his donation is to promote tech innovation in the US, and he believes that Harris will play a key role in shaping favorable policies for crypto space.
He said that it’s time for Democrats to adopt a more crypto-friendly approach to ensure American leadership in the blockchain space. Besides, Larsen has also revealed reasons behind his donations to the US Vice President in an interview, believing Harris would play a crucial role in shaping crypto-friendly policies.
Commenting on the update, Ripple CEO Brad Garlinghouse showed support for Larsen’s right to back his favorite candidate in the upcoming US election. However, he stressed the importance of bipartisan engagement in the crypto space. He believes that the crypto administration’s stance on crypto has hindered growth and innovation in the space.
Besides, many in the digital assets space, as well as the XRP community members have slammed Larsen for his donation. For instance, pro-XRP lawyer Bill Morgan expressed frustration, labeling his financial support for Harris as “misguided”.
On the other hand, ex-CEO of Messari crypto, Ryan Selkis also took a strong stance, criticizing Ripple co-founder for what he sees as exploiting retail investors through XRP. He has also slammed XRP, saying that stablecoin now holds more value than the crypto, dismissing Ripple’s contributions to the financial world.
Will This Donation Influence Ripple SEC Lawsuit?
Chris Larsen’s XRP donations to Harris have also sparked discussions over its legal impact, with legal experts weighing in on the matter. For context, in a recent X post, pro-XRP legal expert MetaLawMan sparked speculations about how this legal donation can affect the ongoing Ripple SEC lawsuit.
As the donation involves a significant amount of XRP, the process of converting it into fiat currencies or dollars could require the US SEC to monitor. This, as per the lawyer, could impact the US SEC’s appeal in the ongoing XRP lawsuit.
Meanwhile, the US SEC and the agency’s Chair Gary Gensler have faced immense criticism due to the recent appeal in the ongoing Ripple SEC lawsuit. Many believe that Gensler’s approach toward digital assets has hindered growth in the crypto space.
Given Gensler’s hawkish approach to the crypto industry, the legal expert speculates if the US VP will need to clear the transaction with the US SEC to cover the XRP donation into campaign funds. This development has sparked speculations that it could potentially complicate the battle between Ripple and the SEC in the ongoing lawsuit.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
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