In a significant move ahead of the 2024 presidential race, former Ripple Labs CEO Chris Larsen has endorsed Vice President Kamala Harris. Alongside 88 other prominent business leaders, including James Murdoch of 21st Century Fox and Snap chairman Michael Lynton, Larsen's name appeared on a joint letter praising Harris’s track record in advancing U.S. business interests. The endorsement suggests Larsen’s alignment with Harris’s overall economic policies, but notably lacks a strong call for clear crypto regulations—a glaring omission given Ripple’s long-standing battles with regulators like the SEC.
This endorsement comes as no surprise considering Larsen’s deep roots in Silicon Valley and his history with Harris, but it raises an important question: Why wasn’t more pressure applied for a clear stance on crypto regulation? For someone who co-founded Ripple and has seen firsthand the challenges posed by regulatory ambiguity, it seems like a missed opportunity to address a critical issue for the industry.
A Critical Moment for Crypto Regulation
Brad Garlinghouse, Ripple’s current CEO, has been more vocal on this topic, urging Vice President Harris to distance herself from anti-crypto rhetoric, particularly calling out figures like U.S. Rep. Brad Sherman. His view is that Democrats risk losing ground on innovation by not embracing the burgeoning crypto sector. He’s even pointed out that Republicans have gained votes by being more pro-innovation and welcoming clearer "rules of the road" for crypto.
Garlinghouse’s comments reflect a broader sentiment within the crypto community—without a coherent regulatory framework, the U.S. risks falling behind other leading economies. Yet, Larsen’s endorsement of Harris appears to sidestep this concern. With such significant influence in both the tech and crypto spaces, Larsen could have pushed harder for clarity on how Harris plans to navigate this critical sector. After all, Ripple's own multi-year battle with the SEC over the classification of XRP highlights just how crucial a clear and fair regulatory landscape is for crypto firms to thrive.
The Political Landscape
Larsen’s backing of Harris also contrasts with endorsements for Donald Trump from crypto heavyweights like Cameron and Tyler Winklevoss. Trump has actively courted the crypto vote, branding himself as a “crypto president” and netting endorsements from Marc Andreessen and Cathie Wood. These moves underscore how divided the crypto vote is ahead of 2024, with both major parties attracting high-profile endorsements. Still, the question remains—will the candidates take decisive action on crypto regulation, or will the industry remain in a state of regulatory limbo?
The Missed Opportunity
From a strategic standpoint, Larsen's support could have been more impactful had it been coupled with a direct call for Harris to clarify her position on crypto regulation. In the 2024 race, both the business and crypto communities are looking for more than broad economic promises; they need specifics. By offering his support without addressing one of the most pressing issues in his own industry, Larsen may have missed an opportunity to shift the conversation and ensure that Harris’s platform includes a solid approach to fostering innovation in the crypto space.
Garlinghouse has already laid the groundwork for this conversation, urging the industry not to jump to conclusions based solely on political affiliations but to focus on policy proposals. Larsen could have followed suit by making crypto regulation a more central part of his endorsement. As the crypto space continues to evolve, the need for clear, fair, and forward-thinking regulation is paramount, and leaders like Larsen are in a prime position to advocate for it.
Final Thoughts
Chris Larsen’s endorsement of Kamala Harris sends a clear message of support for her policies. However, it falls short of addressing the crypto regulation issue that is critical to Ripple’s future and the broader blockchain industry. As the race heats up, it remains to be seen whether Harris will take up the mantle of crypto-friendly policies or whether this will be another election where the industry's concerns are sidelined. With Garlinghouse keeping the pressure on, there’s still hope for a more robust conversation about crypto regulation as we get closer to 2024.
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