Ripple Labs co-founder Chris Larsen donated $1 million worth of the cryptocurrency XRP to a political action committee (PAC) aligned with the Democratic Party in support of US Democratic presidential candidate Kamala Harris.
According to FEC filings released this week, the blockchain technology executive donated 1,754,815.29 XRP, worth about $1 million, on August 14. The money was raised through Future Forward USA, a Democratic super PAC that raised more than $200 million during the 2023-24 election cycle, according to data from campaign finance nonprofit Open Secrets.
According to Open Secrets, Larsen has donated a total of $1.9 million to support Harris’ campaign at the time of publication. This includes two separate contributions to Future Forward in 2023 worth $250,000 and $500,000, respectively. In early 2024, the New York Times reported that the super PAC spent more than $200,000 on a massive advertising campaign to help Democrats win the White House.
According to federal campaign finance rules, individual donors can contribute up to $3,300 per election to their preferred candidate. But by funneling money into super PACs (organizations that can raise unlimited amounts of money to support candidates without directly donating to campaigns), ultra-wealthy donors can put their money toward potential could be used to influence election results.
Larsen’s endorsement of Harris may come as a surprise to some onlookers.
Ripple Labs has been battling the U.S. Securities and Exchange Commission (SEC) for four years, accusing it of selling more than $1 billion in unregistered securities. It was also the Biden-Harris administration that appointed SEC Chairman Gary Gensler in 2021, which Ripple CEO Brad Garlinghouse called a “political responsibility.”
But Larsen’s large donation is one of several signs that blockchain companies, which were hit by the SEC during the Biden-Harris administration, are keen to support Democrats. In the past few months, avid crypto supporters, including Galaxy Digital CEO Mike Novogratz and Bitcoin-supporting billionaire Mark Cuban, have endorsed Harris for president. I have expressed it.
Support and donations poured in after Harris suggested the incoming administration may take a more flexible stance on cryptocurrencies than the previous administration. Last month, Harris publicly endorsed the cryptocurrency industry for the first time during her campaign, pledging that the United States would continue to maintain its “advantage in blockchain technology.”
A month ago, pro-crypto Democratic lawmakers endorsed Crypto4Harris, a grassroots organization that hosts virtual town halls to strengthen support for Harris among crypto holders.
Daily debriefing newsletter
Start each day with the current top news stories, plus original features, podcasts, videos, and more.
