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XRP for the White House? Chris Larsen’s $1M Donation to Harris Sparks Debate

By | Edited By Roopa CA,,

  • Ripple co-founder Chris Larsen donated $1 million in XRP to support Kamala Harris’ 2024 presidential campaign.
  • The donation marks Harris’s first documented cryptocurrency contribaution, drawing attention from political and financial circles.
  • Larsen’s endorsement joins a list of high-profile executives backing Harris for president.

Chris Larsen, co-founder and executive chairman of Ripple, donated 1,754,815.29 XRP-valued $1 million-to the presidential campaign of Kamala Harris in 2024. This is reportedly the first crypto donation to a political candidate on such a scale, according to Federal Election Commission filings. Larsen donated to Future Forward USA, a super PAC supporting Harris.

Eleanor Terrett of Fox Business underlined the importance of such a donation by referring to its historical value in the ever-changing landscape of political fundraising. This contribution underlines the growing heft of cryptocurrency in US politics but, at the same time, serves as a test of how the current administration caution in relation to digital assets responds to such contributions.

Ripple’s Chris Larsen Among Corporate Giants Backing Harris

Chris Larsen is one of an eye-turning 88 top executives publicly supporting Kamala Harris’ bid for president. Other high-profile supporters include Box CEO Aaron Levie, Yelp CEO Jeremy Stoppelman, and James Murdoch, ex-CEO of 21st Century Fox. This letter of endorsement first shared with CNBC, features the support of business leaders across industries from tech and media to finance and philanthropy.

Harris’ ability to attract such prominent supporters from both Wall Street and Silicon Valley signals her broad appeal among corporate leaders. Other influential backers include former CEOs of major companies like PepsiCo, Blackstone, and GoDaddy, showing a strong alignment between Harris’ policies and the corporate world.

Political Implications of XRP Donation

While this is a historic donation, the move is not without controversy. Attorney Fred Rispoli pointed out the irony of Harris’s acceptance of XRP in light of the present administration’s stance on the asset as a security.

The move by Larsen, against the backdrop of the ongoing lawsuit by the SEC against Ripple, may also be seen to challenge the regulatory narrative set up around cryptocurrency. Harris will surely gain from the financial and political weight carried by such high-profile endorsements, particularly at this juncture in the White House race.

Related Reading | VeChain At 5-Year Low, Setting Stage For Potential Bull Market By 2025

Coinbase CFO Reveals Kamala Harris’s Super PAC Utilizes Crypto Donations Platform

By | Edited By Sahana Kiran,,

In a notable shift in campaign finance, Coinbase’s Chief Financial Officer Alesia Haas revealed that Kamala Harris, the U.S. Vice President and Democratic candidate for President, is leveraging Coinbase’s Commerce platform for cryptocurrency donations.

The platform is a key part of Coinbase’s suite of services, designed to help businesses accept digital assets. Harris’ official super PAC, Future Forward, has been set up through this platform, according to Haas.

Haas disclosed this development during a conversation with Citigroup’s Peter Christiansen at Citi’s 2024 Global TMT Conference in New York, which Fortune subsequently reviewed. The information aligns with a prior report suggesting Coinbase was in talks with Harris’ campaign. As of now, the Harris campaign has not responded to inquiries about this matter.

Coinbase has confirmed through a spokesperson that Future Forward is indeed using Coinbase Commerce, reinforcing the validity of Haas’s statement. This move marks a significant departure from the traditionally cautious stance the Democratic Party has taken towards crypto under President Joe Biden’s administration, possibly signaling a shift in policy.

Despite this confirmation, the Crypto4Harris advocacy group has expressed uncertainty about Harris’s use of crypto donations, and the official fundraising site for Harris does not currently reflect this integration. Earlier this year, Future Forward reported raising $50 million to support Harris, but the campaign’s response to this new development remains pending.

Coinbase’s Policy Efforts and Political Contributions

Haas also highlighted Coinbase’s broader strategy, noting that the company has been increasing its policy efforts amid what she describes as a rare chance for regulatory clarity in the U.S. In June, the exchange donated its first to Fairshake, a PAC that backs candidates advocating for cryptocurrency.

According to Haas, this was part of a series of incremental contributions aimed at bolstering general crypto policy efforts. With Future Forward’s impressive performance in elections, winning 32 of 34 races it participated in, Haas expressed cautious optimism about Harris’s potential influence on crypto legislation.

However, the exchange CEO Brian Armstrong has clarified that the company has not directly contributed to any presidential campaigns, focusing instead on broader policy support. As the situation evolves, it remains to be seen how Harris’s engagement with cryptocurrency will impact her campaign and the wider political landscape.

Related Reading | Uniswap in Hot Water: CFTC Orders $175k Penalty

Coinbase Rejects Contractor Label Amidst $25M Donation Row

By | Edited By Sahana Kiran,,

Coinbase chief legal officer Paul Grewal claimed that the exchange is being incorrectly labeled as a federal contractor. Grewal’s comments were in response to Molly White’s accusing Coinbase of violating campaign finance laws with a $25 million donation to the crypto advocacy group Fairshake while working as a federal contractor for the United States Marshals Service [USMS]. Campaign finance law prohibits federal government contractors from making contributions, or promising to make contributions, to political entities including super PACs like Fairshake.

Per, the critic, the donation was the largest of the three made by the exchange to the Fairshake PAC and falls within the period that is prohibited by the FEC. The contributions to the crypto-focused group came in three installments: $5 million donated in November 2023, $15.5 million in December 2023, and another $25 million on May 30, 2024.

According to the FEC website, “The prohibition begins when the request for proposals is sent out or the negotiations have begun [whichever is earlier] and ends when performance under a contract is completed or negotiations have terminated [whichever is later].” This prohibition, and similar such laws, are sometimes called “pay-to-play” laws.

Coinbase Lawyer’s Rebuttal

Denying the charge, Grewal stated that Coinbase is not being paid by the USMS using government funds [appropriated funds]. He cited publicly released Request for Proposal or Public RFP, which is a document outlining the terms of a contract. The top lawyer argued that the RFP clearly states that Coinbase will not be paid with government funds. In essence, he disputes the classification of Coinbase as a federal contractor based on the specific definition in 11 CFR 115.1 and the nature of the payment arrangement with the USMS.

Coinbase

The Fairshake PAC is majorly backed by Coinbase and its CEO Brian Armstrong which aims to support pro-crypto candidates from both parties. Fairshake styled itself as “the first super-PAC dedicated to advancing the crypto economy and protecting the rights of crypto users.” PAC’s strategy is to leverage the “crypto’s superpower of grassroots support” and spend big to elect crypto-friendly lawmakers and defeat crypto-hostile ones. It also plans to educate voters and policymakers about the benefits of crypto and the risks of overregulation.

Trump Accepts Shiba Inu and More for Donations

By | Edited By Ammar Raza,,

Former US President Donald Trump is now accepting Shiba Inu for his campaign donations. Besides SHIB, the Trump campaign also accepts Bitcoin, Ethereum, Dogecoin, Solana, and XRP. In his “Make America Great Again” campaign, the presidential candidate presents himself as the defender of American freedom and innovation prepared to welcome new technologies.

There were speculations surrounding Trump’s investment, considering his past criticism of digital assets. Only after a recent tax filing on April 14 revealed that Trump is a significant cryptocurrency holder, owning $250,000–$500,000 worth of crypto assets, largely derived from licensing fees tied to the use of his image in popular NFTs.

That being said, Trump’s acceptance of SHIB boosts the coin’s visibility and legitimacy, as this news would attract massive media attention, potentially attracting new investors and users. Most importantly, SHIB’s addition would likely increase the number of transactions, highlighting practical use cases and functionality.

Meanwhile, the meme coin has gained massive traction, as evidenced by the surge of non-zero Shiba Inu wallets in less than a week. 

Shiba Inu Wallets at All-Time High

Data from Glassnode indicated that on May 15, the number of Shiba Inu holders exceeded 1.4 million, reaching a new peak, before retracting at the time of publication. While wallet addresses with non-zero balances were not at their peak, current figures indicate that the SHIB Army grew by nearly 100,000 in a year. It is worth noting that the Shiba Inu Army consisted of approximately 1.29 million members last year.

Shiba Inu

Price-wise, the leading meme coin displayed signs of a pattern called a “bull flag.” This suggests a promising trend for SHIB, indicating a potential price increase. Following a brief price surge, the meme coin is poised to continue its impressive upward trend, which has already seen a whopping 210% rise, per market experts. Digging deeper: SHIB currently aims for a target price of $0.000081. It will represent more than a threefold increase from its current price if it reaches this point.

Trump Pledges Crypto Campaign Donations Amid NFT Dinner Discourse

By | Edited By Sahana Kiran,,

Former U.S. President Donald Trump has once again stirred the political pot, this time dipping his toes into the volatile waters of cryptocurrency. In a series of video clips shared by Frank Degods, a prominent non-fungible token (NFT) creator, Trump asserted his intention to embrace digital assets for campaign donations.

Addressing a gathering of buyers of his “Mugshot Edition” NFTs, Trump confidently declared, “If you can’t, I’ll make sure you can,” indicating his resolve to facilitate crypto contributions to his campaign. Seizing the opportunity to take a jab at his successor, Trump remarked that President Joe Biden is oblivious to the world of digital assets, positioning himself as the champion of the crypto community.

Trump’s pronouncement came during an informal dinner with individuals who had individually purchased over 47 NFTs, each priced at $99, as reported by Axios. Reflecting on his NFT venture, Trump boasted, “We made NFTs hot again.”

Trump’s Reassurance Sparks Crypto Market Surge

The ex-president didn’t stop at campaign finance; he also pledged to support the digital asset industry’s presence within the U.S., vowing to prevent its exodus due to perceived hostility. Trump’s reassurance caused ripples in the market, notably boosting the “Jeo Boden” meme coin by 18.5% within 24 hours, according to CoinMarketCap data.

Despite Trump’s sudden embrace of crypto, skeptics remain cautious. Trump dismissed the meteoric rise of the BODEN token, expressing disdain for the sizable market capitalization it had accrued.

Observers like Avichal Garg applauded Trump’s evolution on the crypto front, attributing it to savvy coaching. Garg warned of potential consequences for the Democrats, suggesting that their anti-crypto stance could alienate a growing constituency.

With Trump eyeing a return to the White House as the Republican nominee for the 2024 presidential election, his foray into the crypto sphere adds a new dimension to an already contentious political landscape. The Trump campaign, however, remained tight-lipped in response to inquiries, leaving many to speculate on the implications of this latest move.

Court Orders Disclosure of SBF’s Political Donation Details

By | Edited By Sahana Kiran,,

The former CEO of the now-bankrupt crypto exchange FTX, Sam Bankman-Fried, or SBF, finds himself entangled in a legal web, as the Department of Justice [DOJ] has successfully obtained a court order to unveil the intricacies of his political donations. This revelation is set to serve as crucial evidence in the upcoming fraud trial against SBF, marking a significant development in a complex legal saga.

The latest ruling, a part of a comprehensive 16-page pretrial order issued by Judge Kaplan on September 26, meticulously delineates which pieces of evidence will be admissible during the imminent trial, scheduled to commence on October 3. At the core of the DOJ’s case lies the allegation that Sam Bankman-Fried orchestrated an “illegal campaign finance” scheme, a charge that the prosecution intends to vigorously pursue in court next month.

SBF

This stance by the government follows a prior assertion made in August when it was disclosed that a campaign finance charge against the FTX founder had been precluded due to a treaty with the Bahamas. However, the DOJ has now pivoted, asserting that Bankman-Fried concealed the origins of his ill-gotten gains through a labyrinth of political straw donations. They contend that this campaign finance misconduct is not only admissible at trial but also constitutes direct evidence of the overarching charges levied against him.

SBF Legal Saga: More Revelations

Beyond the revelation of campaign donations, Judge Kaplan has also granted the prosecution’s motion to introduce evidence implicating Bankman-Fried in the creation of the FTX token. This move aims to shed light on SBF’s alleged involvement in directing Alameda Research, a crypto trading firm, to surreptitiously amass significant holdings of the FTX token as well as other digital assets like Serum.

Moreover, the evidence will explore claims that he orchestrated Caroline Ellison, the then-CEO of Alameda Research, to manipulate the valuation of these tokens and engaged in efforts to obfuscate Alameda’s ownership of Serum tokens.

This multifaceted legal battle not only puts SBF’s actions under a microscope but also underscores the evolving landscape of cryptocurrency regulation. As the trial approaches, the crypto community, legal scholars, and the general public eagerly anticipate the unveiling of evidence that could have far-reaching implications for the future of digital currencies and their intersection with political finance.

FTX: Stanford University Pledge to Return Donation Amidst Legal Turmoil

By | Edited By Sahana Kiran,,

The now-bankrupt crypto exchange FTX made substantial donations to one of America’s most prestigious institutions, Stanford University, during the tenure of its founder, Sam Bankman-Fried. However, as FTX’s fortunes took a dramatic nosedive in November, the group of debtors associated with the platform embarked on an ardent quest to reclaim these sizable contributions. Stanford, on the other hand, has taken a commendable step by initiating discussions with legal experts to facilitate the return of these donations to their rightful owners.

A spokesperson for the venerable university reaffirmed their unwavering commitment to restoring the entire sum to its original benefactors. It is crucial to underscore that in recent developments, the crypto exchange, now under new management, recently filed a lawsuit against Joseph Bankman and Barbara Fried, the parents of Sam Bankman-Fried, accusing them of misappropriating funds.

The lawsuit’s core allegation revolves around the period spanning from November 2021 to May 2022 when Sam Bankman-Fried allegedly orchestrated the channeling of over $5.5 million in donations from the FTX Group to his employer, Stanford University. Prior to this legal tussle, representatives from Stanford had acknowledged receiving donations from the FTX Foundation and affiliated entities, primarily designated for pandemic-related research and prevention efforts.

The latest allegations of financial impropriety have cast a shadow of doubt over the initial intent behind these ostensibly benevolent contributions. Court documents shed further light on the predicament of Joseph Bankman and Barbara Fried, both esteemed professors at Stanford Law School, now facing scrutiny for potentially leveraging their positions to exploit their connections within FTX, amassing substantial wealth in the process.

Celebrities Settle FTX Lawsuits

In response to these grave accusations, the legal representatives of Joseph Bankman and Barbara Fried vehemently denied any wrongdoing, categorizing the claims as “completely false.” They characterized the lawsuit as a “dangerous attempt to intimidate” the accused and undermine the legal process, a move they allege was strategically timed just days before their child’s trial.

Adding another layer of complexity to the FTX narrative, recent developments saw a trio of celebrities settling lawsuits related to sponsorship deals they had struck with the now-defunct crypto exchange before its precipitous collapse in the previous year. NFL quarterback Trevor Lawrence, representing the Jacksonville Jaguars, reportedly reached an undisclosed settlement to resolve accusations of misleading investors in FTX. Additionally, prominent YouTubers Tom Nash and Kevin Paffrath also entered into settlements, although the specific terms remained undisclosed.

Crypto for a Cause: Oprah and The Rock’s Maui Wildfire Donation Drive Gains Momentum

By | Edited By Sahana Kiran,,

Dwayne “The Rock” Johnson and Oprah Winfrey have jointly initiated the People’s Fund of Maui, aimed at offering direct financial aid to individuals affected by the recent disaster. The crypto community has joined forces to support the Maui community through this relief fund, which is championed by renowned celebrities Oprah Winfrey and Dwayne “The Rock” Johnson and accepts cryptocurrency donations.

In the early days of August 2023, wildfires wreaked havoc on the Hawaiian island of Maui, resulting in significant property and personal losses as more than 2,500 acres went up in flames. Responding to the crisis, The Rock and Oprah established the People’s Fund of Maui, dedicated to providing direct financial assistance to those impacted by this tragedy. In a tweet, The Rock assured that every adult resident in the affected areas of Lahaina and Kula, who were displaced by the wildfires, would be eligible to receive $1,200 per month to assist them during the recovery phase.

The People’s Fund of Maui welcomes donations in various forms, including traditional fiat currencies and cryptocurrencies. In addition to accepting fiat donations from across the globe, the fund is open to contributions in cryptocurrencies like Bitcoin (BTC), currently trading at $26,029, Ethereum (ETH), which is priced at $1,645, and Dogecoin (DOGE), with a value of $0.06, among numerous other alternative digital currencies.

Celebrities and Crypto

As Oprah articulated, the primary aim of delivering donations directly to the survivors is to empower them to make decisions regarding their path toward recovery. She emphasized, “Enabling individuals to exercise their own agency and make choices for themselves, addressing their specific needs and those of their families—that is our objective.” In tandem with the influential efforts of A-list celebrities, various relief initiatives are dedicated to aiding the victims of the wildfire. Among these, the disaster relief organization All Hands and Hearts has been actively gathering both cryptocurrency and traditional currency donations to support the local residents of Maui in the aftermath of the fires.

Olga Ruggiero, the Chief of Organizational Integration and Events at All Hands and Hearts, noted, “Cryptocurrency contributions, like any other form of donations, play a crucial role in providing vital assistance following the devastating wildfires.” She further emphasized that the cryptocurrency industry continues to unite with communities in need worldwide.

Ukraine’s Struggle: $225M In Crypto Donations Received To Combat Russian Aggression

By | Edited By Sahana Kiran,,

In the face of Russia’s relentless invasion, Ukraine has been fighting a valiant battle on multiple fronts, and the global community has rallied behind them in support. A recent report by blockchain intelligence firm Crystal Blockchain has shed light on the astounding financial backing that Ukraine has received in the form of crypto assets.

Crypto Donations Soar: Ukraine Rakes In Billions

Since the­ beginning of Russia’s full-scale invasion last year, Ukraine­ has garnered a substantial $225 million in cryptocurrency donations alone­. These funds have playe­d a pivotal role in acquiring essential supplie­s, encompassing weapons, ammunition, and medical e­quipment. Consequently, Ukraine­ has successfully stood its ground against the aggressor.

The global crypto community has consiste­ntly demonstrated immense­ generosity, as evide­nced by the unwavering nature­ of their donations. Month after month, these­ contributions have surged with remarkable­ solidarity. However, since re­aching its apex in March 2022, when global unity was at its strongest, monthly crypto donations have­ gradually tapered off and failed to e­xceed $10 million since May of that same­ year.

Interestingly, humanitarian initiatives have garnered more crypto donations than military-focused campaigns. Out of the $225 million raised in digital assets, $134 million was allocated to address the urgent humanitarian needs of the affected population, while $91 million was channeled toward strengthening the country’s armed forces.

Breaking down the digital asset contributions, the majority came in USDT, totaling an impressive $83 million. Ethereum was the second most popular choice, with donations worth $79 million, followed by Bitcoin, which contributed $41 million. Smaller cryptocurrencies like Binance USD (BUSD) and Polkadot’s DOT made up the remaining contributions.

On the flip side, Russia’s military and paramilitary units have also embraced digital asset fundraising efforts. However, their endeavors have remained covert and under the radar. Crystal’s data reveals that crypto donations to the Russian military barely amounted to $2 million. 

Nevertheless, some estimates suggest higher figures, with Chainalysis reporting $5.4 million of donations in February, directed both to Russian military units and propaganda resources.

The stark contrast between the sums raised for Ukraine’s defense and Russia’s war efforts can be attributed to the global condemnation of Russia’s actions and the clandestine nature of its fundraising activities. Binance, for instance, identified over $7.2 million worth of donations to Russia, hinting at the potential scale of covert support.

As the conflict rages on, it is evident that the power of digital assets extends beyond financial transactions. The solidarity shown by crypto users worldwide in supporting Ukraine’s resilience against aggression highlights the humanitarian spirit that transcends borders, uniting people in times of crisis.

Related Reading | Crypto Fund Shrinks: Sequoia Capital’s 66% Slash 

FTX Empowers the Metropolitan Museum of Art with $550K Donation

By | Edited By Saeed Ul Hassan,,

The Metropolitan Museum of Art, located in New York, has announced that it will give back $550,000 in donations it received from the cryptocurrency exchange FTX before they faced financial difficulties and filed for bankruptcy in November. The museum confirmed this decision in a filing submitted to the United States Bankruptcy Court in Delaware on June 2, which is the same court where this cryptocurrency exchange initiated its bankruptcy proceedings. The museum aims to return the funds to FTX debtors.

FTX

The Metropolitan Museum of Art stated that the decision to return the funds resulted from fair and transparent discussions with FTX’s debtors, demonstrating good faith. The museum received the total amount of $550,000 in two distinct payments. The initial installment of $300,000 was received in March 2022, followed by an additional $250,000 two months later, in May.

The donations were arranged through West Realm Shires Services, the company responsible for operating FTX.US. FTX’s leadership has been actively trying to recover the donations it made to politicians and various organizations since December, shortly after filing for bankruptcy in Delaware. According to court documents, FTX distributed a total of $93 million in donations between March 2020 and November 2022.

According to data from Unusual Whales, out of the approximately 180 US politicians who received funds from FTX, only 19 of them have either returned the funds or indicated their intention to do so. Data from Market Watch reveals that the “Protect our Future PAC” was the primary beneficiary of FTX’s donations, receiving approximately $27 million from the cryptocurrency exchange.

FTX Lawsuits Reverberate

Several crypto influencers have become more cautious about accepting lucrative endorsement offers due to the potential consequences if things go wrong for the company involved. This shift in approach follows the collapse of the crypto exchange FTX last year, which led to several celebrities being sued for their alleged role in promoting it.

In March, a class-action lawsuit worth $1 billion was filed, accusing eight influencers of promoting “FTX crypto fraud” without disclosing their compensation.

According to influencers interviewed by Cointelegraph, this situation has served as a wake-up call. Those who endorse crypto companies now recognize that their followers may take legal action against them in the future if the endorsed company turns out to be unfavorable.

For example, crypto vlogger Tiffany Fong, who gained recognition for her interview with former FTX CEO Sam Bankman-Fried after the collapse, currently has no interest in endorsing crypto firms on her social media platforms.

FTX

Marketing agencies that facilitate collaborations between influencers and brands have observed concerns from both parties involved in the business.

Nikita Sachdev, the CEO and founder of Luna PR, emphasized that it’s not just influencers who are displaying increased caution regarding endorsement deals, but crypto companies themselves are also adopting a more careful approach.

Sachdev highlighted that the prolonged downturn in the crypto market has compelled crypto companies to adopt stricter budgetary measures, leading to an overall decrease in influencer partnerships. Rasmus Rasmussen, the Chief Marketing Officer of Polygon NFT game Planet IX, expressed to Cointelegraph that it has become increasingly difficult to engage A-list influencers for promoting cryptocurrencies following the FTX collapse.