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Elena R
Elena R
Author
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
- Oct 22, 2024 13:00 UTC
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Chris Larsen’s $10M XRP Donation Sparks Controversy Amid Ripple-SEC Lawsuit
Ripple co-founder Chris Larsen donated $10 million in XRP to Vice President Kamala Harris, aiming to promote blockchain innovation.
Many, including XRP attorney Bill Morgan and former Messari CEO Ryan Selkis, criticized the donation.
Legal experts worry that the donation could complicate Ripple's ongoing lawsuit with the SEC.
Chris Larsen, the co-founder of Ripple, is making headlines for his $10 million donation in XRP to U.S. Vice President Kamala Harris. While Larsen claims this contribution aims to promote technological innovation and encourage crypto-friendly policies, it has sparked significant backlash within the crypto community. Many are now questioning whether this move could impact Ripple’s ongoing legal battle with the SEC.
While the Ripple vs SEC case is still hanging in the air and without any clarity on SEC’s next move, Larsen’s Harris support is quite puzzling.
Here’s how the community reacted to the controversy!
His intentions seem noble, aiming to work with lawmakers to create legislation that supports blockchain and cryptocurrency innovation in the U.S. Larsen is passionate about making America a leader in the crypto space and sees Harris as a crucial ally in this mission. He believes supporting politicians who understand technology is vital for America’s future.
Crypto Community Lashes Out
Despite his good intentions, Larsen’s donation has not been well-received by everyone. Notably, XRP attorney Bill Morgan expressed concerns, calling the donation “misguided” and warning that it could harm Ripple’s standing with the SEC. Additionally, Ryan Selkis, former CEO of Messari Crypto, criticized Larsen for allegedly taking advantage of retail investors and questioned XRP’s value compared to stablecoins.
Venture entrepreneur Nic Carter referred to Larsen’s contributions as “completely baffling.” Another analyst, Kyle Chassé, shared his surprise at Ripple’s decision and raised questions about its potential consequences.
A Complicated Situation for Ripple
This situation is also creating a rift in the ongoing Ripple vs. SEC case, with many speculating whether Chris Larsen’s donation to Kamala Harris might influence the proceedings. Legal experts, including MetaLawMan, are concerned that this large donation could attract the SEC’s attention.
Since XRP is central to the lawsuit, turning this donation into campaign funds could require extra regulatory checks, complicating things for Ripple. With SEC Chair Gary Gensler enforcing strict rules on crypto, the situation is becoming increasingly tense.
Ripple’s CEO Weighs In
Ripple CEO Brad Garlinghouse has defended Chris Larsen, saying everyone has the right to support their chosen political candidates. He stressed the need for both political parties to work together on crypto regulations. Garlinghouse believes that collaboration is crucial for creating a fair regulatory environment for digital assets.
Is Chris Larsen’s support for Kamala Harris a step forward for crypto, or does it raise more questions than answers? Join the conversation!
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