Ripple Co-Founder Chris Larsen Endorses Kamala Harris

[Unblock Media] Recently, Ripple's co-founder and chairman of the board, Chris Larsen, signed a pledge supporting presidential candidate Kamala Harris endorsement. Among the signatories were 88 corporate leaders, including Ripple CEO Chris Larsen, Box CEO Aaron Levie, Yelp CEO Jeremy Stoppelman, Snap chairman Michael Lynton, and former 21st Century Fox CEO James Murdoch. Larsen's support highlights the growing political influence of cryptocurrency and blockchain technology. According to a report by Fortune, the cryptocurrency industry hopes that if Harris wins, her administration will introduce regulatory relaxations and favorable policies that could increase their market share, which could significantly impact companies like Ripple. Additionally, Gene Sperling, a notable figure in cryptocurrency support and former director at Ripple, has joined Harris's 2024 presidential campaign. Sperling has experience as an economic advisor under Presidents Bill Clinton and Barack Obama and has also worked as an economic advisor in the Joe Biden administration. According to Ballotpedia, Sperling served as the deputy director and director of the National Economic Council during the Clinton administration, and C-SPAN reports he was involved in Obama's job plans, tax reforms, and deficit reduction negotiations. Such political involvement by key figures may significantly affect cryptocurrency regulation. CNBC has reported that cryptocurrency industry figures are planning to raise $100,000 for Harris's campaign, interpreted as an attempt by the industry to influence Harris's cryptocurrency policies. According to an analysis by Cryptoslate, support from major figures like Larsen can contribute to increasing the legitimacy and credibility of the cryptocurrency industry. Historically, specific political moves have notably impacted the cryptocurrency market. For example, Bitcoin prices surged following the Trump administration's initial announcement of regulatory relaxations. Therefore, if Harris wins, Ripple's stock prices are also likely to respond positively. Ripple CEO Brad Garlinghouse predicted that SEC Chairman Gary Gensler would step down regardless of the election results, which could significantly impact cryptocurrency regulation changes. If the new administration relaxes regulations, it could become easier for cryptocurrency-related companies to raise funds and develop technology. Conversely, stricter regulations could lead to increased operational costs and legal issues. Harris's campaign has started accepting crypto donations through the Future Forward political action committee(PAC), highlighting the growing role of cryptocurrency in political campaigns. Former President Donald Trump also supported cryptocurrency, stating that he would make the U.S. the global center for cryptocurrency, digital currency, and Bitcoin. ARK Invest CEO Cathie Wood and Gemini co-founders Cameron and Tyler Winklevoss also pledged to donate $1 million in BTC to Trump's re-election campaign. The cryptocurrency industry tends to support specific politicians through political donations to realize its vision. In the 2020 election, $1.6 million was raised, $26.8 million in the 2022 midterms, and $59.2 million so far for the 2024 election, showing significant growth. Additionally, blockchain technology offers easy tracing of political donation usage, proposed as a solution to alleviate political mistrust and increase transparency. However, regulatory relaxations related to cryptocurrency could harm market transparency and stability, and distorted policy decisions due to political lobbying could pose long-term risks. As illustrated, cryptocurrency and blockchain technology are playing an essential role in political and economic affairs, and significant changes are anticipated in this field depending on the upcoming U.S. presidential election results. These changes will also have extensive impacts on the global cryptocurrency market, including major players like Binance, Alchemy Pay, and financial institutions as they navigate the evolving regulatory landscape.