Ripple's Co-Founder Backs Kamala Harris with $11M Donation & Tether-Owned AI Company Eyes Bitcoin Mining Sale
The crypto industry is sending ripples on so many fronts. When two bombshell announcements arrived, it was crystal clear how the industries were treading both in terms of political influence and strategic business changes.
1. Ripple Co-Founder Backs Kamala Harris’ Election Fund with $11M Donation
Chris Larsen, co-founder of Ripple, made headlines with his $11 million donation in XRP to support U.S. Vice President Kamala Harris's campaign for election. The large donation cements Larsen's position as one of the biggest individual donors in the crypto space this election cycle. Larsen believes Harris's stretch of crypto regulation would be pragmatic, opposite the strict measures that have been pulled under Chair Gary Gensler. The SEC lawsuit against Ripple, meanwhile, trundles on - the crypto community is similarly sharply divided, with donations going hard to both major U.S. political parties.
Even with the lawsuit filed by the SEC against Ripple's executives as unregistered brokers of digital tokens, they are pretty optimistic regarding future regulatory clarity. A legal tussle between the two goes on, and the crypto sector has amped up its political involvement, underlining how high the stakes are in upcoming elections.
2. Tether-Owned AI Company Considers Selling Bitcoin Mining Arm
At a time when the value of Bitcoin surged more than 60% this year, Northern Data AG-a majority German infrastructure firm owned by Tether-announced plans for the likely sale of its Bitcoin mining unit called Peak Mining while it shifts to artificial intelligence AI solutions. A sale of Peak Mining would yield Northern Data the funds it needs to scale up its AI capabilities, among them the development of Europe's largest generative AI cloud platform.
Investor optimism because of the great performance from the company in Q2 has pushed Northern Data up 10.69%. The company plans to invest money in acquiring data centers and buying advanced AI GPUs that might position it as one of the leading AI infrastructure providers. In addition, Northern Data is considering a U.S. listing for its AI units-at yet another hint at dramatic growth ambitions.
Conclusion
The emergence of these two stories reflects new relationship dynamics in the crypto space-from high-level political engagement to strategic business pivoting. While Ripple positions itself with the U.S. political forces for favorable regulations, Northern Data shifts the attention toward AI and shows just how adaptable this arena can be. Catch more updates on the developing stories, as Dex-Trade is keeping tabs on the action.
