Joshua Jake, the founder of OmniSwapAi, has identified another significant reason to dislike the XRP token with the political choice of some of the leadership figures at Ripple.
Recall The Crypto Basic’s report on Friday, which disclosed that Ripple’s chairman, Chris Larsen, has endorsed incumbent VP Kamala Harris to become the next president of the U.S.
Specifically, Larsen joined 87 other financial business leaders in signing a letter endorsing Harris’ presidential bid. The group expressed confidence in Harris’ ability to bolster the U.S. economy and democracy.
Crypto Community Reacts
However, Harris’s prominent role in the current administration, under which the crypto industry has faced regulatory hurdles—including Ripple’s own legal battles—has triggered mixed reactions from the community.
Larsen’s endorsement fueled debate, with some expressing disappointment given the challenges XRP faced during the lawsuit, which hindered XRP holders from capitalizing on the 2021 bull market.
Due to the current regulatory climate, many crypto leaders have chosen to back Donald Trump instead. Trump has fervently promised to make Bitcoin and crypto great if elected president, promising pro-crypto policies.
While Harris has not issued specific pro-crypto promises, Ripple’s chairman has thrown his weight behind her. Reacting to the development, prominent community commentator Joshua Jake criticized Larsen’s endorsement. He views it as yet another reason to distance oneself from XRP.
He highlighted that XRP investors suffered under the current administration, particularly during the lengthy lawsuit that stalled significant price gains.
Notably, the community’s reactions to Larsen’s political choice have not been one-sided, with some finding justification for 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 regardless of who ultimately wins the presidential election in November, Ripple would not be at a disadvantage.
Political Choice of Other Ripple Execs
This commentary gains ground when observing that Ripple’s chief legal officer, Stuart Alderoty, is backing Donald Trump’s presidential bid. He has even donated $300,000 worth of XRP tokens to support Trump’s campaign.
On the other hand, Ripple’s CEO, Brad Garlinghouse, has not publicly made a definitive stance on who he supports for the next U.S. president. In July, he warned the crypto community against making premature judgments about Kamala Harris’s stance on crypto, given her history of neutrality on the subject.
In the same month, he expressed admiration for Senator James Vance, Donald Trump’s running mate, for calling out the SEC Chairman’s biased approach to crypto regulation.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Source: https://thecryptobasic.com/2024/09/07/crypto-founder-highlights-new-reason-to-dislike-xrp/?utm_source=rss&utm_medium=rss&utm_campaign=crypto-founder-highlights-new-reason-to-dislike-xrp