As a seasoned crypto investor with a knack for deciphering political tea leaves, I find myself intrigued by this unfolding saga of allegiances and alliances within our dynamic industry. Having weathered numerous market cycles and regulatory storms, I’ve learned to read between the lines when it comes to power moves like these.
As the United States presidential election draws near, the cryptocurrency sector has become a significant topic in political discourse. Representatives from blockchain payment firm Ripple have shown varying levels of backing for the frontrunners, Vice President Kamala Harris and ex-President Donald Trump.
This split occurs during continuous discussions about regulatory guidelines, specifically focusing on the U.S. Securities and Exchange Commission (SEC) and their actions regarding regulation in the cryptocurrency industry.
Ripple Larsen’s $1 Million XRP Donation
Christian Larsen, one of the co-creators of Ripple, gained attention as he reportedly made the initial cryptocurrency contribution by donating $1 million worth of XRP to a well-known political action committee (PAC) that backs Kamala Harris’s campaign for presidency.
As an analyst, I’ve just uncovered some interesting insights from the latest filings with the Federal Election Commission (FEC). FOX journalist Eleanor Terret reported this piece of information. The donation in question, made by Larsen, seems to be a strategic show of support for Kamala Harris. This is particularly intriguing given that Harris has been advocating for the growth and development of the digital asset ecosystem, a cause that appears to have caught Larsen’s attention.
This action follows recent remarks by Ripple’s CEO, Brad Garlinghouse, who has expressed criticism towards the Securities and Exchange Commission (SEC) for its ongoing lawsuit against the firm.
The SEC recently appealed a favorable ruling from Judge Analisa Torres, which stated that XRP, when sold on public exchanges, does not qualify as a security under existing laws. In response, Ripple announced it would file a cross-appeal against the SEC on Thursday, intensifying the ongoing legal conflict.
Crypto Community Divided?
Garlinghouse has been vocal about the SEC’s actions, recently stating, “If Gensler and the SEC respected the principles of law, they would acknowledge their defeat and proceed accordingly.
In a notable stance, Ripple’s chief executive suggests that the regulatory body appears to prioritize disruption over offering clear guidance to sector participants. He cautions that these regulatory measures may potentially hinder technological advancement within the United States.
Although Larsen supports Harris, it’s important to note that political donations from the cryptocurrency community aren’t unilateral. Notably, Gary Cardone, a prominent digital asset investor, as well as the Winklevoss twins, founders of Gemini exchange, and Jesse Powell, co-founder of Kraken, have openly backed Donald Trump in their public statements.
Trump’s presidential campaign is promoting him as an advocate for digital currencies, with a commitment to make America the world’s foremost nation in the field of cryptocurrency.
The ex-President and Republican nominee has spoken out against excessive regulation, saying, “They’re trying to strangle you, but we won’t let that occur.” If he returns to the White House, Trump has promised to replace SEC Chairman Gary Gensler, demonstrating his dedication to creating a supportive setting for the cryptocurrency sector.
Currently, as I type this, XRP is being exchanged for approximately $0.5379, demonstrating no variation compared to the trading day before, which was Thursday.
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2024-10-12 08:10