Ripple chairman Chris Larsen donates $11.8M total to Kamala Harris campaign.
Prominent crypto figures call for XRP boycott, claiming misalignment with crypto values.
Ripple CEO defends right to individual political contributions while maintaining company’s bipartisan stance.
The cryptocurrency community finds itself embroiled in controversy following Ripple chairman Chris Larsen’s substantial political contributions to Vice President Kamala Harris’s presidential campaign.
Larsen’s recent $10 million XRP donation, following a previous $1 million contribution, brings his total support to $11.8 million, sparking intense debate within the crypto sphere.
It's time for the Democrats to have a new approach to tech innovation, including crypto. I believe @KamalaHarris will ensure that American technology dominates the world, which is why I’m donating $10M in XRP in support of her. https://t.co/vb9KJA87JK
— Chris Larsen (@chrislarsensf) October 21, 2024
Notable figures in the cryptocurrency space have voiced strong opposition to these political contributions. Mike Alfred, a respected value crypto investor and board director, has taken a particularly firm stance, arguing that investors have no justification for holding XRP given the chairman’s political allegiances.
XRP community outraged
This sentiment has been echoed by X user Layah Heilpern, who accused XRP’s leadership of “dumping” on their community to support what she characterizes as “Marxist” politicians.
The controversy has extended beyond individual critics, with Messari founder Ryan Selkis going so far as to declare XRP “dead” in light of these political developments.
There is no excuse for owning XRP or supporting it in any way
— Mike Alfred (@mikealfred) October 22, 2024
These reactions highlight the growing tension between cryptocurrency’s traditionally anti-establishment ethos and increasing engagement with mainstream political institutions.
Larsen’s support for Harris’s campaign began modestly with a $6,600 donation earlier this year, setting a precedent for subsequent larger contributions.
This pattern of support aligns with other major donors to Harris’s campaign, including Facebook co-founder Dustin Moskovitz and Illinois Governor JB Pritzker, who have contributed $10 million and $5 million respectively.
Ripple CEO Brad Garlinghouse has stepped into the controversy, defending individual rights to political expression while emphasizing Ripple’s organizational commitment to bipartisan engagement.
He stressed that the company’s focus remains on advocating for pro-crypto policies across party lines, particularly in the context of current regulatory challenges.
