Chris Larsen Throws Weight Behind Kamala Harris to Right Biden’s Crypto Policy
Ripple’s co-founder, Chris Larsen, has actually been spending recent weeks promoting Vice President Kamala Harris as a solution to what he calls the “failed” approach to crypto regulation by the Biden administration. In an interview with CNBC, he outlined frustrations with the current regulatory setup, as called this a “misguided war on crypto” that harms the spirit of innovation. Comments like these don’t help mend any tears in an already growing rift between the crypto world and the United States’ regulatory bodies.
Crypto Industry Ramps Up Political Influence
Larsen’s remarks also came as the crypto industry ramps up its political involvement. Indeed, according to watchdog group Public Citizen, the crypto sector has spent more than $119 million on political campaigns to push for policy changes. That significant funding demonstrates, many say, how serious the industry is about clarity in regulations that holds back innovation and puts the U.S. at a disadvantage in the race against other nations to dominate blockchain development around the world.
A $10 Million XRP Donation to Kamala Harris’s Campaign
In what was a show of the effort, Larsen recently donated $10 million in XRP to Kamala Harris’s campaign, making him one of the biggest crypto donors of this election cycle so far. “We’re really excited by her economic message,” he said in an interview. “Harris champions pro-innovation policies, which align with our vision of empowering American companies to lead on the global stage.”
Larsen Slams SEC Chairman Gary Gensler’s Approach
He also saved an opportunity to strike at SEC Chairman Gary Gensler, calling him “the worst public servant in this country”. According to Larsen, Gensler’s enforcement-led approach to regulating crypto has led to a state of legal uncertainty. Far from clarity, Gensler’s position has translated into several high-profile battles between the SEC and some of the major actors in the crypto world, including Ripple.
Ripple’s Regulatory Fights
Ripple itself remains entangled in a legal battle with the SEC over whether XRP should be considered a security. That lawsuit in many ways exemplifies the broader tension between regulators and the crypto industry. Larsen contends that without reform, the U.S. is in danger of falling behind in the blockchain era. He says that if the regulatory climate in the U.S. were better defined, it could again play the role of pioneer in the global crypto market.
