Chris Larsen’s $10M XRP Donation Sparks Controversy Amid Ripple-SEC Lawsuit

The post Chris Larsen’s $10M XRP Donation Sparks Controversy Amid Ripple-SEC Lawsuit appeared first on Coinpedia Fintech News

Chris Larsen, the co-founder of Ripple, is making headlines for his $10 million donation in XRP to U.S. Vice President Kamala Harris. While Larsen claims this contribution aims to promote technological innovation and encourage crypto-friendly policies, it has sparked significant backlash within the crypto community. Many are now questioning whether this move could impact Ripple’s ongoing legal battle with the SEC.

While the Ripple vs SEC case is still hanging in the air and without any clarity on SEC’s next move, Larsen’s Harris support is quite puzzling. 

Here’s how the community reacted to the controversy!

It's time for the Democrats to have a new approach to tech innovation, including crypto. I believe @KamalaHarris will ensure that American technology dominates the world, which is why I’m donating $10M in XRP in support of her. https://t.co/vb9KJA87JK

His intentions seem noble, aiming to work with lawmakers to create legislation that supports blockchain and cryptocurrency innovation in the U.S. Larsen is passionate about making America a leader in the crypto space and sees Harris as a crucial ally in this mission. He believes supporting politicians who understand technology is vital for America’s future.

Despite his good intentions, Larsen’s donation has not been well-received by everyone. Notably, XRP attorney Bill Morgan expressed concerns, calling the donation “misguided” and warning that it could harm Ripple’s standing with the SEC. Additionally, Ryan Selkis, former CEO of Messari Crypto, criticized Larsen for allegedly taking advantage of retail investors and questioned XRP’s value compared to stablecoins.

Venture entrepreneur Nic Carter referred to Larsen’s contributions as “completely baffling.” Another analyst, Kyle Chassé, shared his surprise at Ripple’s decision and raised questions about its potential consequences.

THIS IS INSANE!!!