Lawyer Explains Benefit of $1 Million In XRP Donated to Kamala Campaign

Fred Rispoli, a well-known attorney and active figure on X, recently responded to the news of a $1 million in XRP donated by Ripple co-founder Christian Larsen to the Future Forward USA PAC, a group supporting Vice President Kamala Harris.

The donation was reported by Fox Business journalist Eleanor Terrett and marks the first documented cryptocurrency contribution to Harris, setting a precedent for crypto involvement in politics. The Federal Election Commission (FEC) filing associated with the donation notes that it is in-kind, with the XRP not being liquidated at the time of the report.

The Biden Administration and Cryptocurrencies

Rispoli’s response to the donation sparked considerable attention. He speculated that Larsen’s decision to donate to XRP might carry a deeper significance, particularly given the U.S. Securities and Exchange Commission’s (SEC) stance on the digital asset.

The SEC under the Biden administration has been engaged in a legal battle with Ripple, claiming that XRP should be classified as a security, meaning its sale or distribution would be subject to strict regulatory oversight. The case has had profound implications for Ripple and the broader crypto space, causing intense debate over how digital assets should be regulated.

Rispoli stated, “Screw it, let’s see if she accepts the XRP her administration says is an investment contract,” suggesting that the donation could be a strategic or symbolic gesture on Larsen’s part. By donating XRP, Larsen may be testing whether a political figure, whose administration has been directly involved in overseeing the SEC, would accept a cryptocurrency that the same administration is scrutinizing.

Will Kamala Harris Accept Cryptocurrencies?

Over the past months, Donald Trump has been seen as the pro-crypto candidate and began accepting cryptocurrency donations including XRP in May 2024. However, Harris’s stance seems to have softened, and this donation could be a way for Larsen to indirectly challenge the regulatory treatment of XRP, bringing attention to the apparent contradictions in its legal status.

While some view the contribution as mere political donations, Rispoli suggests it may be more about pushing the boundaries of how XRP is perceived by regulators and political leaders.

Given that Harris is part of an administration overseeing the SEC, could make this donation particularly noteworthy within political and cryptocurrency circles.

SEC Chair Gary Gensler is currently in hot water as he’s being investigated for his hiring practices. Kamala Harris May be reevaluating her stance as Gensler gets exposed, and this could benefit XRP eventually.

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.

---

Follow us on Twitter, Facebook, Telegram, and Google News