Larsen’s $10M XRP Donation to Harris Campaign Sparks Community Backlash

Ripple co-founder Chris Larsen’s announcement of a $10 million XRP donation to Kamala Harris’s campaign has triggered controversy within the cryptocurrency community.

The October 21 declaration, which Larsen framed as support for “a new approach to tech innovation,” has met with criticism from prominent voices in the XRP ecosystem.

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

— Chris Larsen (@chrislarsensf) October 21, 2024

XRP community questions allocation priority

Popular crypto analyst XRPRightNow has voiced strong opposition to Larsen’s decision. He suggested the funds could be better utilized within the XRP ecosystem.

The analyst argues that the $10 million would have greater impact if invested in projects developing on the XRP Ledger or used to provide “price relief” in the markets.

“Why doesn’t Chris Larsen give 10 million dollars to these projects? The real projects are developing on the XRP ledger,” the analyst questioned in a recent video commentary.

Larsen’s donation comes at a time when the cryptocurrency industry faces increasing scrutiny from regulators and lawmakers.

In his announcement, the Ripple co-founder expressed belief that Harris “will ensure that American technology dominates the world.”

The controversy underscores ongoing debates about the responsibility of crypto founders to their communities and the role of political donations in shaping regulatory frameworks.

Critics argue that such substantial political contributions might be better spent supporting the ecosystem’s development and stability.