Very Surprising Development: Ripple (XRP) Co-Founder Makes Kamala Harris Move Despite SEC Lawsuit!

Ripple co-founder and Chief Executive Officer Chris Larsen is among 88 corporate leaders who have publicly endorsed Vice President Kamala Harris for the U.S. presidency, according to a letter published Friday.

Larsen’s support, which first emerged in a report on CNBC, could be a harbinger of potential internal divisions within Ripple as the company navigates its complex political connections.

Larsen’s support aligns him with other top executives including Yelp, Box and Snapchat parent company Snap. However, the move could signal a rift within Ripple, as the company’s broader political contributions have tended to support Republicans and pro-crypto initiatives.

Ripple, led by CEO Brad Garlinghouse, has heavily funded political action committees (PACs) supporting crypto-friendly candidates from both major parties, including Fairshake PAC, to which Ripple has contributed approximately $48 million for the 2024 elections.

Despite Ripple’s efforts to balance its political influence across parties, Garlinghouse has personally contributed $50,000 to a super PAC focused on securing a Republican majority in the Senate. That contribution contrasts with Larsen’s recent endorsement of Harris, who has been seen as a major figure in the Democratic Party. The letter of support praised Harris’ commitment to “fair and predictable policies that promote the rule of law, stability, and a sound business environment.”

The support comes at a time when Ripple is embroiled in a major legal battle with the U.S. Securities and Exchange Commission (SEC) over allegations that the company violated securities laws in its XRP token sales. The case has become a focal point in ongoing debates about how cryptocurrencies should be regulated in the U.S. SEC Chairman Gary Gensler has been at the center of the debate, with his views paralleling those of Senator Elizabeth Warren, who has been critical of cryptocurrencies.

Harris, in turn, has not explicitly detailed her stance on cryptocurrency. But campaign officials have suggested that Harris will support policies that encourage the growth of the crypto industry, as hinted by recent moves by Future Forward USA, a PAC that supports Harris, to accept cryptocurrency donations through Coinbase Commerce.

*This is not investment advice.