In what is undoubtedly the biggest ‘SORRY, WHAT?!’ moment of the year in crypto, Ripple co-founder Chris Larsen has officially endorsed Kamala Harris for the 2024 US elections.
Make it make sense.
Let’s start with what we know.
The SEC, under the current democratic administration, run by a democratic guy, has tried everything it could to throw a spanner in the works for crypto.
We know that the SEC has been suing crypto firms left and right, and we know that one of the most publicized lawsuits has indeed been the one against Ripple.
In fact, just a few days ago, a federal judge Ripple Labs to pay $125 million civil penalty.
So why would Larsen endorse the candidate that represents the party that’s been trying so hard to break his company for four years?
Let’s now move on with what we can infer.
A lot of people on X are using a word that begins with b and ends with ribe.
Maybe. Maybe not.
Obviously there’s no evidence so we don’t know, and it also depends on what people mean by that.
Let’s put it this way.
Because either nothing changes, in which case we’ll never why Larsen made his… weird decision, or, in the coming weeks or months, the SEC will drop the lawsuit or tone it down so that Ripple walks away with a win, or at the very least a tie, from the lawsuit.
In which case we’ll know why Larsen endorsed Kamala Harris.
My theory? I think there’s a possibility that the SEC found something that gave the upper hand in the case, and so they told Ripple, you can either endorse us and we’ll go easy on you, or endorse Trump and we’ll crush you.
Remember, regardless of what Trump says, POTUS cannot fire the SEC Chair, so whatever happens, whoever wins, Gary Gensler will keep his job, at least initially.
Translated, the SEC will still be run by a largely democratic-leaning governance, at least at first.
But this endorsement doesn’t look good at all.
And it’s probably not a coincidence that the market, led by XRP, just crashed a bit more.
bitcoinea 
Leave a comment