As the US presidential race intensifies, Vice President Kamala Harris has garnered major support from top figures in the tech industry, including crypto executives. A recent CNBC report revealed that 88 influential business leaders from Wall Street have endorsed Harris as the Democratic candidate for the upcoming elections. Among these endorsers is Chris Larsen, co-founder of the blockchain-based company Ripple.
Ripple’s Internal Divisions
The letter shared with CNBC underscores Harris’s rising backing from powerful corporate leaders. Larsen’s public endorsement is particularly striking as he is the first prominent crypto executive to support Harris, despite the administration’s ambivalent stance on the digital economy. Conversely, Ripple’s CEO Brad Garlinghouse has refrained from endorsing any candidate, preferring to support those advocating for regulatory clarity and innovation-friendly policies. He has encouraged the industry to back candidates committed to the growth of the digital asset market.
Ripple’s Global Expansion Strategy
Garlinghouse has expressed concerns over the US regulatory environment, citing ongoing legal challenges and ambiguous rules that he argues are detrimental to crypto businesses. He has advised industry founders to explore opportunities outside the US, highlighting regions with more favorable regulatory climates. Ripple is planning international expansion, targeting areas that offer clearer regulatory frameworks for crypto companies.
Concrete Insights for Stakeholders
- High-profile endorsements can significantly influence a candidate’s credibility and public perception.
- Regulatory clarity is a critical factor for the growth and stability of the crypto industry.
- Exploring international markets can offer crypto companies viable alternatives to stringent domestic regulations.
- Political action committees (PACs) play a crucial role in advocating for industry-specific policies.
Although Larsen and Garlinghouse diverge in their political strategies, their impact on the crypto industry is substantial. Larsen’s endorsement of Harris reflects his confidence in her capability to navigate the country through technological advancements and economic transitions.
In addition to Larsen, Harris’s endorsement letter features signatures from prominent tech leaders like Box CEO Aaron Levie, Yelp CEO Jeremy Stoppelman, and Snap Inc. chairman Michael Lynton. Other notable supporters include former 21st Century Fox CEO James Murdoch and long-time Democratic supporter John Doerr from Kleiner Perkins. They assert that Harris will uphold policies that maintain the stability and security of the US economy, emphasizing the need for a president who champions the rule of law and creates a stable business environment.
