Ripple co-founder endorses Kamala Harris as cryptocurrency regulation debate continues

Blockchain Platform Ripple XRP/USD joined a group of 88 current and former senior executives supporting the vice president Kamala Harris for the president.

The support of Chris LarsenRipple co-founder, is notable 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 Ripple’s cryptocurrency XRP on exchanges did not constitute investment contracts.

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

The list of recognized figures in the technology sector includes a range of leading figures from various sectors. Aaron Levie of Box, Jeremy Stoppelman of YapAnd Michael Lyntonpresident of Instantaccording to CNBC. And among those in the world of finance and investment, we find Tony Jamesformer president of Black stone; Bruce Heymanformer general manager of Goldman Sachs and venture capitalist Ron Conway.

Other signatories with ties to the technology and finance sectors include LinkedIn co-founder Reid HoffmanCo-founder of Twilio Jeff Lawson And Pierre OrszagCEO of Lazard.

Media and entertainment personalities are also represented with James Murdochformer CEO of 21st Century FoxAnd Jeffrey Katzenbergformer president of Walt Disney Studiosproviding their support. Sports and business tycoon Magic Johnsona longtime Harris supporter, is another notable name on the list. The list also includes 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 Cryptocurrency Profits, End New Token Investments

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

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

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

The penalty, significantly less than the $1.9 billion initially sought by the SEC, was imposed by the judge Analisa Torres of the Southern District of New York.

In a filing on September 4, 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.

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

Read more:
• UK cryptocurrency firms face 87% rejection rate in FCA registration process

Photos: Shutterstock