Cardano Founder Criticizes Ripple’s Chris Larsen Over Political Donations

Cardano founder Charles Hoskinson has publicly condemned Ripple co-founder Chris Larsen for his financial contributions to Democratic presidential candidate Kamala Harris. 

Larsen’s $11.8 million donation has drawn criticism, with Hoskinson highlighting the broader political and ethical concerns, especially concerning the Biden-Harris administration’s controversial policies.

Hoskinson Aligns With RFK Jr. Against Harris

Hoskinson’s remarks came after a social media post by Robert F. Kennedy Jr., who voiced concerns about the current political climate in the United States. 

There is nothing like telling our military that the American people are now in the threats domestic category. https://t.co/Y8UXofe7cb pic.twitter.com/ElnfqSGoEh

— Charles Hoskinson (@IOHK_Charles) October 23, 2024

Kennedy took aim at Vice President Kamala Harris for her comments labeling former President Donald Trump as a figure of fascism, pointing out that the Biden-Harris administration itself had enacted measures that raised concerns about civil liberties.

Kennedy specifically referred to the Department of Defense Directive 5240.01, a directive that, for the first time in U.S. history, allows the Pentagon to use lethal force against American citizens on U.S. soil in cases of protests against government policies. 

He argued that this directive goes against the democratic principles the country is built on. Hoskinson echoed these concerns, emphasizing that this policy marks a violation of the Posse Comitatus Act of 1878, which traditionally prohibits the military from engaging in domestic law enforcement.

Crypto Industry Concerns and Regulatory Scrutiny

Hoskinson’s critique of Chris Larsen extended beyond just the political realm, touching on the ongoing regulatory challenges faced by the crypto industry. He argued that Larsen’s financial support for a political campaign adds complexity to the ongoing struggle for regulatory clarity in the crypto space. 

Hoskinson expressed concerns that associating crypto with political agendas could undermine its decentralized nature, potentially drawing more scrutiny from regulators.

XRP and ADA Prices Struggle Amid Market Fluctuations

The public dispute between two prominent figures in the cryptocurrency space comes at a time when both XRP and ADA, the native tokens of Ripple and Cardano, are experiencing price challenges. 

XRP has seen a 9.16% decline in value over the past month, currently trading at $0.5289, with a significant drop in options trading activity. According to Coinglass data, XRP’s derivatives market experienced an 82% decline in options volume.