Ripple co-founder Chris Larsen has donated $1 million in XRP to a super PAC backing Kamala Harris.
The Federal Election Commission (FEC) filings revealed this as the first publicly documented cryptocurrency donation in support of Harris. Ripple and Larsen have long championed pro-crypto political candidates, with this latest contribution seen as part of their ongoing efforts to support those who advocate for blockchain-friendly policies.
Ripple’s political influence grows
Ripple has been steadily increasing its political contributions, not just in national races but also in smaller elections across the country. The company has invested millions in political groups promoting blockchain technology innovation and policies favoring the cryptocurrency industry. While Harris has received a substantial donation, Ripple’s involvement extends beyond her campaign. The company has been supporting a wide range of candidates, aiming to influence the broader regulatory environment for the crypto industry.
Corporate leaders rally behind Kamala Harris
Larsen’s donation is part of a broader wave of support from corporate leaders for Harris’s campaign. Recently, a letter surfaced, signed by 87 prominent business executives, endorsing her candidacy. The list includes well-known figures such as Aaron Levie, CEO of Box, Yelp CEO Jeremy Stoppelman, and private equity billionaire José Feliciano. These executives believe Harris is the candidate for creating a stable business environment and upholding the rule of law.
The letter, released just before the first presidential debate, appeared to have had its intended effect, helping to rally additional support for Harris. Other notable names who signed the letter include Ted Leonsis, owner of several D.C. sports teams, Michael Lynton, chairman of Snap, and former 21st Century Fox CEO James Murdoch.
Ripple’s legal battle with the SEC continues
As Ripple continues its political contributions, the company is still entangled in an ongoing legal battle with the Securities and Exchange Commission (SEC). The SEC recently filed an appeal following a court ruling in August that favored Ripple. The ruling found that Ripple’s sales of XRP to retail investors did not violate securities laws, but the SEC has been pushing back.
Ripple, in turn, has filed a cross-appeal, indicating that the legal standoff is far from over. The case has sparked widespread interest, as its outcome could have significant implications for the entire crypto industry. Ripple’s legal challenges come when cryptocurrency regulations remain contentious in Washington.
Congressman John Curtis of Utah recently emphasized the importance of bipartisan cooperation on crypto-related legislation in a separate development. Speaking at the Permissionless III conference, Curtis highlighted the need for lawmakers to understand the complexities of cryptocurrency better to avoid harmful regulations. Senator Mike Lee of Utah echoed these sentiments, warning that federal overreach and inconsistent state policies could harm the industry. He also opposed creating a central bank digital currency, a proposal already facing resistance in states like Florida and North Carolina.