Prominent voices in the cryptocurrency space are urging traders to reconsider their support for XRP, following substantial political donations made by Ripple co-founder and chairman Chris Larsen.
The controversy stems from Larsen’s financial backing of Vice President Kamala Harris’s presidential campaign, sparking criticism from influential figures in the crypto community.
In recent months, Larsen has made significant contributions to Harris’s 2024 campaign, with his latest donation of $10 million worth of XRP drawing considerable attention. This comes after an earlier $1 million donation, bringing Larsen’s total contributions to over $11.8 million in support of Harris’s bid for the presidency.
Calls for XRP Boycott
The donations have provoked strong reactions, with some critics arguing that Larsen’s political support runs counter to XRP’s core values. Among those leading the charge is Mike Alfred, a well-known investor in the cryptocurrency space and a director on several boards.
Alfred took to X to express his disapproval of Larsen’s actions, stating that there is “no excuse” for anyone to hold or trade XRP in light of the chairman’s ongoing financial contributions to Harris’s campaign.
The backlash intensified after Layah Heilpern, another notable voice in the crypto world, condemned Ripple’s leadership for what she described as “dumping” on the XRP community to support politicians she views as having a “Marxist” agenda.
Heilpern’s comments reflect a growing frustration among some XRP supporters who believe that the political affiliations of Ripple’s leadership are out of step with the community’s broader goals.
Industry Reaction
The criticism has been echoed by other influential figures in the crypto space. Ryan Selkis, founder of the blockchain analytics platform Messari, joined the conversation by declaring that XRP is “dead,” suggesting that Ripple’s leadership decisions, including their political donations, could undermine the token’s credibility and future.
This is not the first time Larsen has contributed to Harris’s campaign. Earlier this year, he made an initial donation of $6,600, setting the stage for larger contributions in the following months.
As Harris’s presidential campaign gains momentum, other high-profile donors have also stepped in, including Facebook co-founder Dustin Moskovitz, who has contributed $10 million, and Illinois Governor JB Pritzker, who donated $5 million. The nonprofit Evidence for Impact also donated $9 million to the campaign.
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Ripple’s Response to the Criticism
Amid the mounting criticism, Ripple’s CEO Brad Garlinghouse has defended Larsen’s right to support the candidate of his choice. In a recent statement, Garlinghouse stressed that Larsen’s donations are separate from Ripple’s corporate stance.
He noted that while Larsen’s political contributions have attracted attention, Ripple, as a company remains focused on engaging with both sides of the political spectrum to promote pro-crypto policies.
Garlinghouse emphasized that Ripple advocates for policies that encourage blockchain innovation and that these efforts are not tied to any particular political party. He pointed to the current regulatory environment under the Biden administration as an example of the company’s focus on fostering constructive dialogue on crypto regulation, regardless of which party holds power.
Political Engagement and Crypto
Larsen’s significant financial backing of Harris has sparked a larger conversation about the intersection of politics and cryptocurrency. While some market participants view political contributions as a personal decision, others argue that the involvement of crypto leaders in high-profile political campaigns could have wider implications for the industry.
For XRP in particular, the debate over Larsen’s donations highlights the challenges that arise when the personal actions of key figures in a project are seen as conflicting with the interests or values of the community. As the 2024 presidential campaign unfolds, it remains to be seen how these political controversies will impact XRP’s standing in the broader crypto market.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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