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Ripple is making headlines once again, not just for its ongoing battle with the SEC, but for an internal political divide within its leadership. CEO Brad Garlinghouse has publicly criticized the Biden administration’s regulatory stance, claiming it places “tremendous pressure” on the crypto industry. However, Ripple’s Co-Founder Chris Larsen appears to have a different perspective, reflected in his recent $10 million donation in XRP to Kamala Harris’ campaign PAC.
📰UPDATE: RIPPLE CEO, BRAD GARLINGHOUSE, SLAMS BIDEN ADMINISTRATION’S REGULATORY POLICIES, CLAIMING THEY ARE PUTTING TREMENDOUS PRESSURE ON THE CRYPTO INDUSTRY
— BSCN Headlines (@BSCNheadlines) October 24, 2024
Larsen’s Donation
Chris Larsen’s pledge to Kamala Harris’ campaign is a significant financial endorsement of Democratic lawmakers. He expressed hope that under a Harris presidency, there could be a “new approach to tech innovation” by 2025. The question that emerges is whether Larsen’s donation reflects a broader strategy from XRP or if it is merely his personal political belief.
Given XRP’s ongoing legal challenges with the SEC, it’s hard to ignore the potential implications of such a donation. XRP’s case is seen as pivotal for the crypto industry, with the outcome potentially determining how digital assets are regulated across the U.S. Larsen’s donation could be perceived as an attempt to build goodwill with lawmakers who might shape the future regulatory framework, but it could also raise concerns about mixed messaging within Ripple’s leadership.
Discord Within Ripple’s Leadership
Brad Garlinghouse’s open criticism of the Biden administration presents a stark contrast to Larsen’s donation. Ripple has faced increased scrutiny under the current regulatory climate, with Garlinghouse emphasizing that the administration’s policies are stifling innovation in the crypto space. Meanwhile, Larsen’s endorsement of a Democratic candidate suggests optimism for regulatory cooperation under a different leadership.
This internal discord comes at a time when XRP is fighting one of the most significant legal battles in crypto history. The company’s ongoing litigation with the SEC over the classification of XRP as a security has enormous implications for the future of cryptocurrencies in the U.S. How Ripple navigates these political alignments could play a critical role in its ability to operate successfully in the future.
Ripple’s internal political divide raises important questions about the company’s strategy moving forward. While Garlinghouse pushes back against current U.S. regulatory policies, Larsen’s political donation to Kamala Harris hints at hope for future cooperation. With Ripple’s legal battle against the SEC ongoing, these contrasting positions could shape the company’s trajectory as it continues to navigate regulatory hurdles.