Ripple’s Chris Larsen Sees Kamala Harris as Path to Correcting Biden’s ‘Failed’ Crypto Approach

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated: 

October 28, 2024

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Ripple co-founder Chris Larsen said he is confident Kamala Harris can serve as a key figure in rectifying what he views as a substantial crypto policy misstep from President Joe Biden’s administration.

In a CNBC interview published Tuesday, the exec voiced strong opinions on the current state of US crypto regulation, describing it as a “misguided war on crypto.”

Larsen’s comments come as the crypto sector deepens its involvement in political funding to influence regulatory decisions. According to Public Citizen, the industry has invested more than $119m in political campaigns. This level of investment highlights the sector’s commitment to shaping policies amid regulatory uncertainty.

Ripple Co-Founder Boosts Kamala Harris Campaign with $10M in XRP

Larsen recently made a substantial XRP contribution worth $10m to support Harris’ campaign, establishing him as one of the foremost donors from the cryptocurrency sector during this election period.

“We’re really excited by her economic message,” he said. “It is a message now of pro innovation, and making sure that our American champions dominate their industries around the world.”

Larsen Slams SEC’s Gensler as ‘Worst Public Servant’

Further, Larsen sharply criticized SEC Chairman Gary Gensler, calling him “the worst public servant in this country.” This remark reflects ongoing friction between crypto leaders and regulatory bodies. Gensler often finds himself in controversial situations due to his strict regulatory stance on the crypto sector.

Gensler’s method of managing crypto regulation has been criticized for favoring enforcement over providing straightforward guidelines. His approach, critics say, has fostered an atmosphere of uncertainty and legal conflicts, rather than one where crypto businesses could operate assuredly within a well-defined legal framework.

Ripple too has encountered considerable regulatory challenges with the SEC, centered on whether XRP should be categorized as a security.

Larsen’s critique went further than just the absence of clear regulations. He pointed out the opportunities the US has overlooked to take the lead in blockchain technology.