In a surprising turn of events, the cryptocurrency industry finds itself at the center of a political maelstrom as Chris Larsen, a co-founder of Ripple, publicly endorsed Vice President Kamala Harris for the 2024 U.S. Presidential election.
This sparked a significant backlash from the crypto community and put Larsen at odds with other Ripple executives who support Donald Trump. Many in the crypto world see Harris as a threat to the community’s progress, and Larsen’s endorsement has rubbed them the wrong way.
Joshua Jake (@itzjoshuajake), the founder of Fomoed and co-founder of OmniSwapAI, is a prominent voice who called out Ripple for Larsen’s endorsement. According to Jake, Larsen’s recent move is “just another reason to Dislike XRP.”
He added, ” Her administration is responsible for hurting XRP holders the LAST 4 YEARS!” This mirrors the view shared by many in the crypto world that the Biden and Harris administration is the reason the crypto market, particularly XRP has struggled.
A House Divided
Ripple has long been in the spotlight due to its legal battles with the U.S. Securities and Exchange Commission (SEC). Larsen’s decision to join 87 other financial business leaders in supporting Harris has raised eyebrows, given the legal and regulatory challenges the crypto industry has faced under the current government.
In stark contrast, Stuart Alderoty, Ripple’s chief legal officer, has thrown his support behind former President Donald Trump’s re-election bid. Alderoty’s endorsement was accompanied by a substantial donation of 300,000 XRP to Trump’s campaign.
Brad Garlinghouse, Ripple’s CEO, has adopted a more nuanced stance. While not explicitly endorsing any candidate, Garlinghouse has cautioned against making hasty judgments about Harris’s position on cryptocurrencies. He has also commended Trump’s running mate, Senator J.D. Vance, for criticizing the SEC’s approach to crypto regulation.
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Support for XRP From the Community
Not all community members share Jake’s perspective. Some speculate that Ripple’s leadership may be employing a calculated strategy. By maintaining connections on both sides of the political aisle, Ripple could safeguard its interests regardless of the election’s outcome.
Another community member also pointed to Garlinghouse’s previous comments, pointing out that Jay Clayton, the former SEC Chair who started the XRP lawsuit, was appointed by Donald Trump. Larsen’s endorsement has caused a rift in the XRP army, and it will be interesting to see how Ripple executives react and the community’s next steps.
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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