Joshua Jake, the founder of OmniSwapAi, has identified another major reason to dislike the XRP token with the political choice of some of Ripple’s leading figures.
Recall The Crypto Basic’s report on Friday, which revealed that Ripple CEO Chris Larsen has endorsed incumbent Vice President Kamala Harris to become the next President of the United States.
Specifically, Larsen joined 87 other financial industry leaders in signing a letter of support for Harris’ presidential bid. The group expressed confidence in Harris’ ability to support the American economy and democracy.
The crypto community reacts
However, Harris’ prominent role in the current administration, under which the crypto industry has faced regulatory hurdles — including Ripple’s own legal battles — has sparked mixed reactions from the community.
Larsen’s endorsement has fueled debate, with some expressing disappointment given the challenges XRP faced during the trial, which prevented XRP holders from capitalizing on the 2021 bull market.
Due to the current regulatory climate, many cryptocurrency industry leaders have chosen to support Donald Trump, who has fervently promised to make Bitcoin and cryptocurrencies a great power if elected president, promising pro-cryptocurrency policies.
While Harris did not make any specific promises in support of cryptocurrencies, the Ripple chairman did throw his support behind her. Reacting to this development, prominent community commentator Joshua Jake criticized Larsen’s endorsement. He sees this as yet another reason to distance himself from XRP.
He pointed out that XRP investors have suffered under the current administration, especially during the lengthy lawsuit that stalled significant price gains.
It is worth noting that the community’s reactions to Larsen’s political choice have not been one-sided, with some finding justification in it.
Community member Michael noted that Ripple’s leadership is likely playing a strategic game, trying to be on both sides of the political divide so that no matter who ultimately wins the November presidential election, Ripple won’t be at a disadvantage.
Political choice of other Ripple leaders
This comment gains momentum when we observe that Ripple’s Chief Legal Officer, Stuart Alderoty, supports Donald Trump’s presidential bid. He even donated $300,000 worth of XRP tokens to support Trump’s campaign.
Ripple CEO Brad Garlinghouse, on the other hand, has yet to publicly take a position on which candidate he would support for the next U.S. president. In July, he warned the crypto community against prematurely judging Kamala Harris’ stance on cryptocurrencies, given her history of neutrality on the subject.
That same month, he expressed admiration for Senator James Vance, Donald Trump’s running mate, for calling out the SEC chairman’s biased approach to cryptocurrency regulation.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
