Amidst the heated political climate surrounding the 2024 US Presidential election, Ripple Labs CEO Brad Garlinghouse has emphasized the need for bipartisan support for pro-cryptocurrency policies. This comes as the company’s co-founder, Chris Larsen, made significant donations to Kamala Harris’ campaign.
Garlinghouse, responding to Larsen’s announcement of a $10 million donation in XRP to Harris’ campaign, stated his respect for everyone’s right to support their preferred candidates. He further emphasized that Ripple will continue engaging with both Democrats and Republicans, advocating for policies that promote innovation in the cryptocurrency industry.
“We need to immediately change course from this administration’s misguided war on cryptocurrency,” Garlinghouse asserted, highlighting the urgency for a shift in policy towards a more supportive stance.
While Larsen’s consistent financial backing for Harris has garnered attention, cryptocurrency analyst Ali Martinez injected a touch of humor into the situation, suggesting that perhaps XRP and XLM should be deemed securities after all. This playful comment alludes to the ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC) over the classification of XRP.
This isn’t the first time Larsen has financially supported Harris. In September, he made three separate donations totaling close to $10 million to Future Forward, the Super PAC backing Harris. This followed an earlier $1 million contribution in XRP to the same PAC in August.
Interestingly, Ripple’s legal chief, Stuart Alderoty, has also contributed to the political scene, donating $300,000 in XRP to a pro-Trump PAC called Trump 47 PAC.
The cryptocurrency industry’s growing influence on the US election cycle is undeniable. Crypto-linked political action committees (PACs) have contributed nearly $130 million to both Republican and Democratic candidates, focusing on key congressional races, according to CNBC. This underscores the significant role cryptocurrency is playing in shaping the political landscape of the United States.
Garlinghouse’s call for bipartisan support for pro-crypto policies amidst these donations highlights the complex and evolving relationship between the cryptocurrency industry and the political arena. As the 2024 US election progresses, the influence of crypto-linked PACs and the industry’s advocacy efforts will undoubtedly continue to play a significant role in shaping the future of cryptocurrency regulation and policy.