The approaching U.S. presidential elections have kept Ripple co-founder Chris Larsen in the news lately for his public endorsement of Vice President Kamala Harris. Speaking recently to CNBC, Larsen explained why he supports Harris: her presidency would be the catalyst for much innovation in the U.S. crypto space. His dedication is further seen by an incredible contribution of approximately $12 million to her campaign, mostly in the form of Ripple’s XRP token, which made him the biggest donor in the crypto sector in this election cycle.
Larsen’s endorsement appears to have left the vast majority of the XRP community and in the crypto space in confusion. This was set off by the apparent disinterest shown by the administration towards cryptocurrencies. This dates back to a few policies enacted by President Biden, some with Senator Elizabeth Warren who is arguably one of its biggest opponents. Mixed signals have thus led to skepticism about the potential effect Larsen’s endorsement would have on the regulation of cryptocurrencies in the United States in the future.
Harris’s Cryptocurrency Policy: Turning Tide Ends
Larsen supports Harris because he believes that her crypto policy would be a significant divergence from the current government. Indeed, an administration led by Harris would be less oppressive to innovation within the tech and crypto economies. Describing the Biden administration’s regulatory framework as “a disaster,” Larsen points to heavy-handed regulations he says have derailed growth and chased innovation overseas.
Larsen has criticized the policies of the administration of Biden on many different occasions, claiming that it was too anti-business and has somewhat blocked the progress of the crypto sector within the U.S. During his campaign, Larsen positioned Harris as the “champion for American innovation,” arguing under her would usher a “wholly different approach” of moving forward, technological advancement and puts America at the helm of becoming a world leader in the space of crypto.
Ripple Interacted with Harris’ Team
Apart from his financial contribution, Larsen said Ripple has been working behind the scenes with Harris’s team to mould a regulatory framework that would be more friendly to the expansion of the crypto industry in case Harris won the election. Larsen thinks that a Harris administration would bring a collaborative atmosphere where bipartisan support for the cryptocurrency industry would be promoted.
This active engagement would mean that Ripple is not only waiting for the check to be filled but also wants to have a seat at the table and participate in the discussion for policy reforms. The fact that Larsen spends his time creating relationships with political figures implies a deliberate approach to lobbying in this constantly changing world of cryptocurrencies.
Implications for XRP and the Crypto Industry
Larsen’s support for Harris has much further-reaching implications for Ripple and the cryptocurrency industry more broadly. When Harris’ policies are seen as ones that promote innovation and friendly regulation, it sets the stage for an environment which can be favourable to the adoption of cryptocurrencies like Ripple. This change may bring on more institutional investment, more confidence in the market, and perhaps even a renaissance in crypto-related business in the United States.
This may set a model for future regulations that will be proportionate to innovation, thereby striking the right amount of oversight in place; this, in many ways, could help at least temper some of the feelings that industry players have toward overreach. There could be a clearer scope of where the regulatory parameters lie, and that would ensure that more effective consumer protection could be found through safe means of using blockchain and crypto.
Perhaps the most defining moment in the intersection of politics and the cryptocurrency industry is Chris Larsen’s great endorsement of Kamala Harris. As elections draw closer, his endorsement spells implications for the crypto community about the future regulatory environment. If Harris does take a pro-innovation position by Larsen, the crypto sector is going to focus on growth and open-up the opportunity for an exciting and competitive market in the United States.
Stay connected with TurkishNY Radio by following us on Twitter and LinkedIn, and join our Telegram channel for more news.
