Ripple Co-Founder Chris Larsen Advocates for Kamala Harris to Revise Biden Administration's Crypto Policies

Ripple Co-Founder Chris Larsen Advocates for Kamala Harris to Revise Biden Administration's Crypto Policies

Chris Larsen the co-founder of Ripple has expressed confidence that Vice President Kamala Harris could play a pivotal role in addressing what he perceives as significant missteps in cryptocurrency policy by President Joe Biden's administration. In a recent interview with CNBC published on Tuesday Larsen voiced strong concerns about the current regulatory landscape for cryptocurrencies in the United States labeling it as a misguided war on crypto.

Larsen's comments come amid a backdrop of increasing political involvement by the cryptocurrency industry which has invested over $119 million in political campaigns according to Public Citizen. This financial commitment underscores the industry's determination to influence regulatory decisions during a time of significant uncertainty regarding crypto policies.

In a notable gesture of support for Harris's campaign Larsen recently made a generous contribution of $10 million in XRP positioning himself as one of the top donors from the cryptocurrency sector in this election cycle. "We’re really excited by her economic message," Larsen stated. "It is a message now of pro-innovation and making sure that our American champions dominate their industries around the world."

In addition to supporting Harris Larsen did not shy away from criticizing the current chair of the U.S. Securities and Exchange Commission SEC Gary Gensler whom he referred to as "the worst public servant in this country." This remark highlights the ongoing tension between leaders in the cryptocurrency space and regulatory authorities. Gensler's approach to managing crypto regulation has often been criticized for prioritizing enforcement actions over the establishment of clear guidelines which many believe has created a climate of uncertainty and legal conflict.

Ripple has faced substantial regulatory challenges from the SEC particularly regarding the classification of XRP as a security. Larsen's critique extends beyond the lack of clear regulations he emphasized that the United States has missed opportunities to lead in blockchain technology development.

The growing influence of cryptocurrency in political funding and the direct contributions to candidates like Harris illustrate a strategic shift in how the industry aims to navigate regulatory challenges and advocate for a more favorable operating environment. As the crypto sector continues to engage with policymakers the outcomes of such efforts could have significant implications for the future of digital assets in the U.S. economy.