In a surprise move, Chris Larsen, co-founder of Ripple, along with 88 other well-known business leaders have come together and publicly expressed their support for the presidential candidate Kamala Harris as per Wu Blockchain. This endorsement comes as a surprise as Kamala Harris has had skeptical views towards the crypto and crypto community.
Harris’s Crypto Conundrum
Harris has been public about her concerns regarding the use of cryptocurrencies and has called for stricter regulation for the industry. This stance has raised many concerns with her presidency and how her moves would affect the crypto world and the market.
In a recent turn of events, Kamala Harris started accepting Crypto donations which raised many eyebrows within the crypto community. Accepting Cryptocurrency as donation could possibly be an attempt to counter her opponent Donald Trump who has been immensely backed by the crypto community.
Ripple’s Motivation: What’s Behind the Endorsement?
Ripple’s endorsement of Kamala Harris despite her stance is intriguing. There are speculations that this move could be a strategic play whereby by supporting Harris, Ripple may gain access and influence in a potential democratic administration. There is a possibility that Ripple can be hedging their bets if Democrats win.
This diversification will ensure that they have connections regardless of the election outcome. Ripple might also be trying to build a relationship with Harris now and then shaping her policy decision in the future.
Ripple could also be just supporting Harris for her other stance that include climate change, social justice even though the ideologies are not aligned on crypto.
Moreover, Ripple CEO previously stated that no matter who is elected, Gensler will not continue to serve as SEC chairman, in order to do this, there is a possibility that Ripple is backing Kamala Harris for the same reason.
This endorsement shows the complex relationship between the politics and crypto world. As we are nearing towards the elections, such moves are likely to have a significant impact for the crypto space and the American politics.
Also Read: ‘Trump vs Harris Presidential Debate’: Implications on Crypto