With the US presidential election approaching, Chris Larsen, co-founder of Ripple, revealed why he is supporting US Vice President and Democratic candidate Kamala Harris. Larsen became the cryptocurrency industry’s largest single donor this election cycle after donating XRP to Harris’ campaign earlier this month.
Kamala Harris has a ‘completely different approach’
Chris Larsen, co-founder and CEO of Ripple, recently join CNBC discusses his endorsement and cryptocurrency donations to Democratic candidate Kamala Harris’ campaign.
During the interview, Larsen emphasized that his support for VP Harris was based on the belief that her administration would treat the cryptocurrency industry differently than the Biden administration.
The Ripple co-founder noted that the Biden administration was not against the industry. Instead, they “didn’t pay attention” and handed the reins of the sector’s regulatory approach to figures like Senator Warren and SEC Chairman Gary Gensler.
Larsen noted that Senator Elizabeth Warren led a “misguided war on cryptocurrencies,” which led to London and Singapore taking the lead in the industry “when it should have been in the United States.”
Moreover, the much-criticized regulation-by-enforcement approach fails to protect US-based investors, allowing “inconspicuous foreign companies like FTX to steal American consumers.”
The Ripple CEO shared his enthusiasm for Harris’ economic message, noting that the US Vice President met with many figures from various industries, including the cryptocurrency sector. For Larsen, the Democratic candidate’s message is to “support innovation” and seek to ensure “the dominance of leading American companies over their industries” in various parts of the world.
He also noted that the DNA of the Harris administration is “from the global innovation capital,” which gives him confidence that it will be a very different approach than what the failed Biden administration brought.
The Ripple co-founder continues to support Harris’ campaign
It should be noted that while many cryptocurrency experts and figures supported Donald Trump’s pro-industry stance, Larsen joined forces with Mark Cuban and publicly defended the US Vice President. As reported by Bitcoinist, the Ripple co-founder, along with eighty-seven other corporate leaders, endorsed Kamala Harris in early September after signing a letter revealing their support.
This month, he continued to support Harris’ campaign after donating nearly $11.8 million in XRP to the candidate’s super PAC and Future Forward USA, becoming the largest single cryptocurrency donor this campaign cycle.
On October 11, Ripple’s CEO sent $1 million worth of XRP to Future Forward, the first documented cryptocurrency donation to a Super PAC. This was followed by a $10 million donation on October 21, with Larsen expressing his belief that “Kamala Harris will ensure American technology dominates the world.”
Larsen has since confirmed to the Democratic nominee, claiming that “it is time for Democrats to have a new approach including cryptocurrencies.” During an interview with CNBC, he stated that the cryptocurrency war is over as US investors will see bipartisan support from the winner of the November election.
I think the good news now is that we’re seeing that kind of bipartisan support for whoever wins the White House. Whether it’s Republicans or Democrats, I believe the crypto war is over, and we want to encourage pro-crypto political leaders.
This appears to be a growing sentiment within the industry, with figures like pro-XRP attorney John Deaton challenging Senator Warren’s Senate seat. At the same time, investors noted that the sector is “non-partisan” and that users should force both sides to “acquiesce” because cryptocurrencies will prevail regardless of party.
XRP is trading at $0.52 in the three-day chart. Source: XRPUSDT on TradingView
Featured image from Unsplash.com, chart from TradingView.com