Vice President Kamala Harris’s campaign has received its first cryptocurrency donation, courtesy of Ripple Chairman Chris Larsen.
This milestone highlights the growing influence of cryptocurrency in political fundraising during the 2024 election cycle.
Ripple Chairman Donation Raises Eyebrows
According to Federal Election Commission (FEC) records, Larsen donated 1.7 million XRP tokens, equivalent to roughly $1 million, to the pro-Harris Future Forward PAC on August 14. This political action committee supports Harris through campaign advertising and targets opposition candidates, including Donald Trump.
Fox Business reporter Eleanor Terrett noted that Future Forward began accepting cryptocurrency donations in September. While the PAC’s decision to embrace digital assets is notable, Larsen’s contribution is unsurprising. In September, he publicly endorsed Harris by signing a letter alongside 87 other business leaders, expressing support for her candidacy.
Read more: Ripple (XRP) Price Prediction 2024/2025/2030
His donation marks a notable shift, as most in the cryptocurrency space back candidates like Donald Trump or pro-crypto advocates such as attorney John Deaton. Moreover, Larsen’s donation has raised questions about his motivations, particularly given Ripple’s ongoing legal battles with the US Securities and Exchange Commission (SEC) over the classification of XRP as a security.
“There are plenty of different motivations to explain this donation. Thinking it over more, IMO the best explanation is simply: Screw it, let’s see if she accepts the XRP her own administration says is an investment contract,” pro-XRP lawyer Fred Rispoli suggested.
Over the past years, Ripple has been locked in a high-profile legal battle with the SEC. The financial watchdog accuses the crypto company of illegally selling XRP as an unregistered security. While recent court rulings have challenged the SEC’s stance, the agency continues to pursue its case and has filed an appeal.
Read more: Everything You Need To Know About Ripple vs. SEC
Meanwhile, Ripple CEO Brad Garlinghouse recently criticized the SEC for overreaching its authority, especially in light of legal actions involving the digital asset derivatives exchange Bitnomial. Bitnomial accused the SEC of attempting to classify XRP futures and other digital asset futures as securities futures.
In response to this, Garlinghouse called the SEC’s actions a “new low for a renegade agency.”
“The SEC now believes it can operate above the law, ignoring a Court’s ruling that XRP isn’t a security. Team Ripple will be watching closely and weighing our own options to hold the SEC accountable,” he stated.
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