Ripple co-founder and chairman Chris Larsen donated $10 million in XRP to Vice President Kamala Harris’ presidential campaign.
Ripple co-founder and chairman Chris Larsen made headlines by donating an additional $10 million in XRP to Vice President Kamala Harris’ presidential campaign, in addition to the $1 million he donated just two months ago. It became.
This initial donation was the first major cryptocurrency donation to Harris’ campaign. Larsen’s financial support has been steady, with $6,600 donated to her campaign and $100,000 to the Harris Action Fund PAC earlier this year. With these latest donations, Larsen has poured more than $11 million into Harris’ campaign, solidifying his status as one of her biggest supporters.
In a post about X, Larsen emphasized his belief in Harris’ ability to advance U.S. leadership in technology, particularly in the area of cryptocurrency. “It’s time for Democrats to embrace a new approach to innovation, including cryptocurrencies,” he said. I believe Kamala Harris will ensure American technology leads on the world stage. ”
Source: X
Larsen’s support for Harris over other candidates stems from her belief that she has a better understanding of the high-tech sector and its impact on the economy, which Larsen attributes to her I think this is due to my background in the area. Larsen feels Harris will provide insight into innovation that the Trump administration overlooked.
Ripple CEO Brad Garlinghouse supported Larsen’s views in a comment on the post, saying he supports policies that encourage innovation in blockchain and cryptocurrencies across party lines. pointed out the necessity. Garlinghouse agreed that Ripple will work with both Democrats and Republicans to promote pro-crypto policies, saying, “It’s not a matter of political party, it’s important to promote progressive policies that support the crypto industry.” ” he added.
Cryptocurrency donations increase
Cryptocurrency donations have gained significant traction this election cycle, with nearly half of corporate political donations coming from the crypto sector, totaling around $190 million. Mr. Larsen is a longtime supporter of both Democrats and Republicans, donating nearly $9.9 million to Future Forward and more than $800,000 to the Harris Victory Fund in September. His total crypto donations total more than $11.8 million, making him the largest contributor in the crypto space this election cycle, according to FEC data analyzed by crypto market expert James Delmore and verified by CNBC. is one of the individual donors.
Larsen said in an interview with CNBC that his support for Harris stems from conversations with people close to her campaign and observations of her since she took the lead as the Democratic nominee. He explained. He credits her Bay Area roots and deep ties to the innovation economy, saying, “She fundamentally understands it in a way that the Biden team didn’t.” They failed to make the connection between empowering American workers and developing industry leaders. ”
While the crypto industry has traditionally leaned toward supporting Republican candidates, particularly through PACs, the sector’s involvement in political financing is expanding beyond partisan lines. Public Citizen, a nonprofit watchdog group, reported that $7.5 million in cryptocurrency donations have gone to President Trump’s PAC since June. Meanwhile, FairShake, a prominent PAC, distributed about $29 million in September, including $15 million to Defend American Jobs PAC, which focuses on crypto and blockchain policy and supports Republicans, and $5 million to The dollars were donated to Protect Progress, which supports the Democratic Party. As the 2024 election cycle heats up, political donations from the crypto sector have reached $190 million, with $130 million already spent on Congressional elections. This influx of cryptocurrencies is shaping up to be a major factor in the upcoming election.
Conservative voters are less likely to own cryptocurrencies
According to a recent GrayScale poll, voters are evenly divided on which political party will do a better job on crypto policy. About 27% of respondents see Democrats as more supportive of innovation in the crypto space, while 25% see Republicans as the party pushing for crypto-friendly policies. However, conservative voters are less likely to own crypto assets.
Source: Grayscale
