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Ripple co-founder, Chris Larsen, stated that he is certain Kamala Harris will be able to rectify what he considers the Biden administration’s “failed” approach to crypto.
In an interview with CNBC released on Oct. 29, Chris Larsen explained the reason why he has donated over $11.8 million to political action committees supporting Vice President Kamala Harris’s presidential campaign. The Ripple(XRP) co-founder said that he believes the Democratic candidate will take a completely different approach to Biden when it comes to digital assets.
“I’m just really, really confident that this is going to be a completely different approach than the failed policy in the Biden administration when it comes to digital asset,” said Larsen.
He stated that the Biden administration simply “outsourced” digital asset handling to Senator Elizabeth Warren, the politician most known for fueling the anti-crypto rhetoric. Thus, leading to what he calls the “war on crypto” that ultimately held America back from leading the crypto industry on the global scale.
“I think everybody has realized that was a huge mistake. That just resulted in giving leadership to Singapore and London, which should have been in the US. It didn’t protect consumers, it allowed sketchy foreign operators like FTX to rip off consumers,” said Larsen.
Based on discussions he has had with figures that he believes will be in the Harris administration, he claimed that the Democratic candidate will be “pro-innovation” in contrast to the Biden that he deemed “too anti-business.”
Larsen does acknowledge that a large portion of the crypto industry is backing Republican candidate Donald Trump in the presidential race due to his very strong pro-crypto stance. Despite this, he believes that both sides have been championing pro-crypto policies throughout their campaigns.
“We’ve seen this bi-partisan support for whomever wins the U.S, whether it’s the Republicans or the Democrats. I think the war on crypto is over. And we want to encourage pro-digital assets political leaders,” said Larsen.
When asked whether he thinks Harris will be able to dethrone U.S. Securities and Exchange Commission Chairman Gary Gensler, just as Trump had promised to pro-crypto supporters, he said that the decision will be up to Harris.
Though he does call Gensler “the worst public servant that we’ve ever had in this country,” he emphasized that as a donor he should not be involved in those kinds of decisions. Gensler is known for his hard-line stance on the crypto industry, repeatedly claiming that the sector is filled with speculation.
“Let me just say, I think Gary Gensler has been the worst public servant that we’ve ever had in this country. It’s been incredibly damaging in this country. But I think we need to be really thoughtful here,” said Larsen.
According to a report by Washington Reporter in Aug. 2024, there were rumors circulating that Harris would nominate Gensler as Treasury Secretary if she wins the November election. Though these rumors have not been confirmed, it was enough to spark backlash within the crypto community.
On Oct. 21, Larsen donated over $10 million worth of XRP to Future Forward PAC and the Harris Victory Fund, in support of Kamala Harris in the U.S presidential race. This donation, combined with the $1 million donation he made earlier in the month to Future Forward USA, has made Larsen one of the largest donors from the crypto industry this election cycle.