Chris Larsen, co-founder and Executive Chairman of Ripple, is among 88 business leaders who recently endorsed U.S. Vice President Kamala Harris for president in the upcoming election.
Business Leaders' Letter
In a letter sent on Friday, the executives expressed their support for Harris, citing her ability to advance policies that promote stability and a favorable business environment. Signatures from leaders of companies like Yelp, Box, and Snap underscored a diverse coalition of business executives backing Harris.
Ripple's Political Activity
Ripple, known for its active political engagement, has historically supported pro-crypto candidates and causes across both major U.S. political parties. However, the company’s recent contributions appear to lean slightly toward Democratic candidates, despite CEO Brad Garlinghouse’s significant support for Republicans. Ripple has donated around $48 million to super political action committees (PACs), particularly focusing on pro-crypto candidates. One such PAC, Fairshake, aims to promote crypto-friendly politicians from both parties.
Context and Implications
Ripple’s political involvement is part of a broader industry effort to influence the regulatory landscape in the U.S., particularly in light of the company’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC has accused Ripple of violating securities laws through its sales of XRP tokens, making this case a crucial issue for the future of cryptocurrency regulation in the U.S. In the upcoming 2024 presidential race, the crypto industry has shown an increasing interest in former President Donald Trump, who has embraced digital assets despite his earlier skepticism. During a recent speech in New York, Trump reiterated his vision of making the U.S. the global leader in cryptocurrency if re-elected. Harris, on the other hand, has been less vocal about her stance on crypto, though her campaign has signaled potential support for the industry. One of her supporting PACs, Future Forward USA, has recently moved to accept cryptocurrency donations, signaling a shift in the Democratic approach to digital assets.
The political landscape around cryptocurrency remains fluid, with both major parties vying for the support of the growing digital assets sector. As the 2024 election approaches, Ripple’s endorsements and contributions reflect the broader challenge of navigating the complex relationship between the crypto industry and U.S. politics.
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