Ripple Co-Founder Backs Kamala Harris While Crypto Regulatory Debates Continue

Blockchain platform Ripple XRP/USD joined a group of 88 current and former top executives endorsing Vice President Kamala Harris for president.

The support of Chris Larsen, co-founder of Ripple, is noteworthy given Ripple’s recent legal victory against the U.S. Securities and Exchange Commission (SEC).

In July 2023, a federal judge ruled that programmatic sales of XRP, Ripple’s cryptocurrency, on exchanges did not constitute investment contracts.

This decision was seen as a landmark moment for the crypto industry, potentially influencing how digital assets are classified under U.S. securities laws.

The endorsement list features an array of prominent figures from various sectors. Tech industry leaders include Aaron Levie of Box, Jeremy Stoppelman of Yelp, and Michael Lynton, chairman of Snap, according to CNBC. And those from the world of finance and investment include Tony James, former president of Blackstone; Bruce Heyman, former managing director at Goldman Sachs and venture capitalist Ron Conway.

Other signatories with ties to the tech and finance sectors include LinkedIn co-founder Reid Hoffman, Twilio co-founder Jeff Lawson and Peter Orszag, CEO of Lazard.

Media and entertainment figures are also represented with James Murdoch, former CEO of 21st Century Fox, and Jeffrey Katzenberg, former chairman of Walt Disney Studios, lending their support. Sports and business mogul Magic Johnson, a long-time Harris supporter, is another notable name on the list. The list also features longtime Democratic donors such as John Doerr of Kleiner Perkins and Deven Parekh of Insight Partners.

Also Read: Ethereum Co-Founder Vitalik Buterin To Donate All Crypto Proceeds, Ends New Token Investments

Ripple’s journey through its SEC lawsuit has been closely watched by the entire cryptocurrency sector.

The company faced allegations of conducting an unregistered securities offering through XRP sales, a case that began in December 2020.

The company is seeking to delay the payment of a $125 million penalty imposed by a federal judge in its ongoing legal battle with the SEC.

The penalty, significantly lower than the $1.9 billion initially sought by the SEC, was handed down by Judge Analisa Torres of the Southern District of New York.

In a Sept. 4 filing, Ripple's legal team requested that the monetary portion of the judgment be stayed, proposing to place $139 million — 111% of the penalty amount — into a secured bank account.

The endorsement of Harris comes as the crypto industry seeks to shape its regulatory future. With the Benzinga Future of Digital Assets event scheduled for Nov. 19, the timing of this announcement could spark discussions about the intersection of politics, regulation, and innovation in the digital asset space.

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