The cryptocurrency community is enraged after Chris Larsen, co-founder of Ripple, revealed that he had made an additional $10 million donation in XRP to support Vice President Kamala Harris’s campaign.
Larsen's latest move came about a week after the Federal Election Commisssion (FEC) filings showed that the crypto executive donated $1 million in XRP tokens to the Future Forward Super PAC, which backs the Democratic presidential nominee.
The executive chairman of Ripple, which is currently grappling with the U.S. Securities and Exchange Commission in a lawsuit initiated by the financial regulator four years ago, said he believes Harris "will ensure that American technology dominates the world."
"It's time for the Democrats to have a new approach to tech innovation, including crypto", Larsen said, seemingly referring to earlier statements made by pro-crypto candidates from the democratic Party regarding Kamala's supposed desire for a "reset with the industry that's been hounded by the SEC under Chair Gary Gensler.
Ripple CEO, Brad Garlinghouse commented on the issue shortly after Larsen revealed his huge donation to the Harris campaign. In a statement on X, Garlinghouse remarked, “I respect Chris and everyone else's right to support whoever they believe is best to lead the U.S."
He went on to note that there is an urgently need to shift away from this administration’s misguided war on crypto. He promised that Ripple, the largest holder of the XRP token, would engage with both political parties to push for pro-crypto policies.
"It's not about party lines; it's about championing policies that drive blockchain and crypto innovation," he pointed out.
There were several key figures in the crypto community who have raised their eyebrows at Larsen's donation, and many crypto users, especially those who use the XRP token, criticized his presidential choice.
Trader Amonyx accused Larsn of "carelessly spending money without considering XRP investors and supporters." Another user agreed, saying that crypto executives had "complete disregard for $XRP holders."
Venture capitalist and Bitcoiner Nic Carter called the donation "completely baffling", while crypto influencer Amelie said she hopes "there is a hidden twist in that action."
While many crypto and XRP users are fuming over Larsen's announcement, others are theorising about why the crypto magnate had to make the move.
One user suggested that Larsen may have picked the blue side"in lieu of a larger, corporate fine." She was referring to the year-long legal battle between the SEC and Ripple, that finally came to a close with a $125 million fine. Hence, people have speculated that Larsen's donation may be linked to the four-year-long legal scuffle.
Ripple has been embroiled in a legal battle with the SEC since before President Joe Biden’s 2020 inauguration. The SEC charged Ripple, along with Garlinghouse and Larsen, with operating as unregistered brokers of digital tokens, which the SEC classifies as securities. Although the charges against the executives were dropped, Ripple continues to challenge the allegations, and the litigation remains ongoing.
Recently, the SEC filed an appeal, further extending its legal confrontation with Ripple, keeping the company’s regulatory future uncertain.
Ripple has decided against an IPO in 2025, citing its strong financial position and lack of need for external funding. Instead, the company is focusing on strategic acquisitions and long-term growth, such as its $1.25 billion purchase of Hidden Road.
WeatherlyPaul Atkins has been sworn in as the new Chair of the SEC, promising clearer rules for crypto and market oversight. He supports innovation and is expected to speed up decisions on crypto ETFs and regulations.
AnaisRipple and the SEC have filed a joint motion to pause their appeals for 60 days while finalising a settlement. The move follows an agreement in principle to resolve the lawsuit, including the SEC's appeal and charges against Ripple executives.
AnaisCardano’s Midnight sidechain will distribute tokens to 37 million users across eight major blockchains, including Bitcoin and Ethereum, in one of the largest airdrops in blockchain history. The airdrop, called the Glacier Drop, will issue NIGHT and DUST tokens and aims to promote privacy in decentralized finance.
AnaisUS stock and crypto markets jumped after the president announced a 90-day tariff pause for all countries except China, now facing a 125% levy. Over 75 nations have entered trade talks to avoid escalation. Trump sparked controversy, claiming leaders are “calling us up, kissing my ass” for deals. As tensions rise, could this bold or stupid trade strategy trigger a financial crisis?
CatherineTrump’s latest tariffs have rattled global markets, with critics calling them more misguided than his Strategic Bitcoin Reserve plan. In 44 trading days, the tariffs have wiped out over $11 trillion from the US stock market, and the global crypto market has fallen over 11%. Can crypto survive under this administration?
KikyoTrump’s “Liberation Day” policy enacts sweeping tariffs, starting at 10%, with steep levies on China (34%), the EU (20%), Taiwan (32%), and Israel (17%). Markets have reacted sharply, wiping out Bitcoin’s recent gains. Is a global trade war imminent?
CatherineTrump Media has partnered with Crypto.com to launch ETFs featuring digital assets and US securities. Crypto.com will act as the broker, supporting the initiative alongside World Liberty Financial's crypto strategy. But is this another overreach?
CatherineBitcoin has dropped to $78,500, a four-month low, while Ethereum hits its weakest level since November 2023. Some predict BTC could fall to $70,000, while others see rising M2 liquidity as a recovery signal. With macroeconomic headwinds and no clear bullish catalysts, is Bitcoin bottoming out or headed for further losses?
CatherineTrump’s White House crypto summit disappointed investors, offering only vague promises on stablecoin legislation and regulation instead of major policy shifts. Could his presidency threaten the future of digital assets?
CatherineChannel 4 is releasing a new documentary series that investigates the identity of Bitcoin's creator, Satoshi Nakamoto. Hosted by Gabriel Gatehouse, the series aims to provide a deeper look into Bitcoin's impact on global politics and the mystery surrounding its creator.
WeatherlyThe US District Court for the District of Massachusetts has ruled that Randall Crater, founder of the fraudulent cryptocurrency venture "My Big Coin," must pay $7.6 million in restitution to the victims of his scheme.
CatherineHong Kong now allows cryptocurrencies like Bitcoin and Ethereum as proof of net worth for its investment visa. However, crypto cannot be used for the required investment after visa approval.
AnaisAlibaba’s stock jumped 8% after announcing its AI partnership with Apple, which will use Alibaba’s vast user data to develop tailored AI tools for China.
KikyoWorld Liberty Financial, backed by the Trump family, launched a strategic token reserve to support cryptocurrencies like Bitcoin and Ethereum, aiming to stabilize the market and strengthen DeFi. This initiative is part of the family's growing influence in the crypto industry, with WLF already accumulating significant assets and making moves to connect crypto with mainstream investors.
WeatherlyPi Network will launch its Open Network on 20 February 2025, ending its Enclosed Mainnet phase. With 10.14 million migrations and 19 million verified Pioneers, this transition unlocks Pi’s ecosystem for real-world use, enabling integration with other compliant systems.
CatherineHoliday scams in the UK are rising, with AI-generated images and social media making it easier for fraudsters to deceive consumers. Many holidaymakers, especially young people, are falling victim to scams due to the allure of cheap deals and influencer promotions.
WeatherlyCertiK audited the code behind a stablecoin used by Huione, a platform linked to human trafficking and illegal activities. The firm has apologised and promised to improve its vetting process after failing to fully investigate the project's risks.
AnaisOpenAI is launching GPT-5 to enhance usability, but CEO Sam Altman warned that users may eventually need to cover compute costs which has sparked criticism. Is Altman that hard up for money?
CatherineEstonian nationals Sergei Potapenko and Ivan Turogin have agreed to surrender all claims to digital assets seized by US authorities as part of their plea agreement. To date, $350 million has already been returned to victims.
Kikyo
