Chris Larsen, a co-founder of Ripple, has publicly endorsed Kamala Harris for President in the 2024 United States election. Larsen joined dozens of other corporate executives in signing an open letter in support for Harris.
What’s really interesting is that this political positioning from within Ripple’s leadership comes at an important time for the company. As you may know, Ripple is still engaged in an ongoing lawsuit with the SEC.
Some crypto proponents see SEC Chairman Gary Gensler as taking a harsh stance against the industry. As a presidential candidate, Kamala Harris has been less vocal about cryptocurrency regulation than others like Senator Elizabeth Warren, who is seen as hostile to crypto. Harris’s campaign has signaled they may take a more accommodating approach.
Ripple Co-Founder Endorses Kamala Harris for Presidenthttps://t.co/8Erp4SVjrt
— Watcher.Guru (@WatcherGuru) September 6, 2024
What’s even more interesting, Ripple CEO Brad Garlinghouse has historically supported Republican politicians who take a lighter touch on regulation. The differing political leanings of Ripple’s top two executives raises questions about what regulatory environment would be most favorable for the resolution of their SEC case. Nobody knows how this happened.
If you are an XRP holders, the endorsement adds another layer of political uncertainty on top of the ongoing slow price action. The XRP price actually dipped 7% this week and is now trading around $0.53.
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It’s logical that a pro-crypto president like Trump could help the coin’s prospects, while a harsh regulator may further dampen sentiment. So, Larsen’s support to Harris is the opposite of logical, to say the least.
Only time will tell how the 2024 elections shape up and what policies emerge on cryptocurrency. In the interim, the XRP community will be watching Ripple’s legal battle and weighing whether a change in Washington leadership could impact the coin’s long term price trajectory.
Read also: Ripple Releases New Update on Cross-Border Payments as XRP Price Dips
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