Former Upbit CEO JP Thieriot publicly endorsed Kamala Harris for President late Thursday by way of a collection of posts on X, inflicting important backlash from distinguished members of the crypto sector, together with common pro-XRP lawyer Invoice Morgan.
Thieriot, who stepped down as CEO however stays a Director at Upbit, beforehand led the corporate by means of the controversial interval following the SEC’s lawsuit in opposition to Ripple, selecting to not delist XRP—a choice he claims was “subsequently confirmed to be the appropriate determination by the courts.” His current statements mark his return to public discourse on the platform after greater than two years of silence.
In his endorsement, Thieriot likened his assist for Harris to his prior determination to maintain XRP listed, suggesting each selections have been contrarian however in the end appropriate. “At this time, I’m making a equally contra-directional, however hopefully equally sound and inevitably appropriate, announcement: I’d prefer to be the primary crypto Founder and former CEO (that I’m conscious of) to endorse Kamala Harris for President,” Thieriot said.
In line with Thieriot, the Harris marketing campaign has signaled a willingness to “reset” relations with the cryptocurrency business. This method, he argues, presents a pivotal alternative for the crypto neighborhood to interact constructively with potential future US management. “It’s a essential second to display that the door is open and that assist will observe if she merely adopts the widespread sense method that we’re all advocating,” he said.
Thieriot emphasised the strategic significance of being concerned in coverage discussions, no matter the political determine main them. He famous, “In a 50/50 recreation, the one precedence is having a seat on the desk when insurance policies are being formulated by the subsequent President.”
He additionally countered the narrative that the crypto business is likely to be hostile to a Harris administration. Evaluating the stance of Donald Trump and Kamala Harris on crypto, Thieriot recommended that Harris is probably going extra ready to assist the expansion and innovation inside this sector. “Kamala is a contemporary candidate in a position to perceive that know-how genies are by no means put again in bottles,” he defined.
The Upbit director additionally underscored the potential affect the crypto neighborhood might have on shaping the Harris marketing campaign’s insurance policies on digital property. He urged for engagement slightly than passivity: “There’s a actual alternative to assist form the Harris marketing campaign’s place on crypto. We’d do ourselves a significant disservice by not partaking.”
Criticism From Professional-XRP Lawyer Invoice Morgan
The endorsement shortly drew criticism from Invoice Morgan, a revered lawyer throughout the XRP neighborhood. Morgan took problem with Thieriot’s untimely endorsement given the dearth of concrete commitments from Harris concerning cryptocurrency coverage.
“Many individuals will merely activate Uphold for this determination. The choice to maintain XRP listed was an excellent determination nevertheless it was by no means an both/or selection between XRP and every other token,” Morgan said, expressing concern over the implications of Thieriot’s political stance.
Morgan argued that endorsing a candidate with out clear crypto insurance policies is dangerous, notably at a time when the business faces important regulatory challenges. “The selection between Trump and Harris is both/or. And also you select to endorse the candidate who at this level is a part of a deeply anti-crypto Administration. As a minimum, you need to have deferred the selection till you hear what are her insurance policies on crypto,” he added.
Morgan additionally famous that Thieriot’s endorsement could possibly be seen as giving one thing for nothing, rewarding Harris with out securing any coverage concessions in return. “Questionable selection at this second. You might be rewarding Harris with out her committing something in return on crypto. One thing for nothing,” Morgan criticized.
At press time, XRP traded at $0.5632.
Featured picture from Spectrum Information, chart from TradingView.com
