Ripple Co-Founder Backs Kamala Harris for U.S. Presidency: How Will This Affect XRP Price?

The post Ripple Co-Founder Backs Kamala Harris for U.S. Presidency: How Will This Affect XRP Price? appeared first on Coinpedia Fintech News

Ripple co-founder Chris Larsen has recently come forward as one of the corporate leaders endorsing Vice President Kamala Harris for the 2024 U.S. presidential election (as reported by Coindesk). This move contrasts with Ripple CEO Brad Garlinghouse’s political leanings, which have supported Senate Republicans.

For the unversed, Ripple has long been engaged in a legal battle with the U.S. Securities and Exchange Commission (SEC) over allegations that it violated securities laws in its sales of XRP tokens. Many in the industry view SEC Chair Gary Gensler’s regulatory approach as aligned with Warren’s anti-crypto stance.

Larsen is among 88 influential corporate figures advocating for Kamala Harris to be the next U.S. president. This comes in a joint letter that also includes executives from companies such as Yelp, Box, and Snapchat.

Ripple, as a company, has been an active participant in the current election cycle, contributing to the FairShake PAC. This PAC has raised $169 million to support pro-crypto candidates from both political parties. However, the company’s donations have leaned toward Republican candidates, with the aim of countering figures like Senator Elizabeth Warren, known for her critical stance on the crypto industry. Ripple and its affiliates have contributed approximately $48 million to influence the 2024 elections.

While Harris has not been as vocal about her stance on cryptocurrencies as Trump, her campaign team has indicated a willingness to support policies that encourage the growth of the digital asset industry. 

What Does This Mean For XRP Price?

While this whole Larsen-Garlinghouse situation may seem somewhat unclear, Ripple is in urgent need of a catalyst. Like the broader market, XRP has also faced a downturn, dropping by over 4% and currently trading around the $0.52 mark. However, with new endorsements coming in, only time will reveal what the future holds for the coin’s price.