XRP co-founder Harris has contributed more than $11.8 million to the campaign. PACs supporting Democratic candidates have raised more than $200 million.
As the first “US crypto election” approaches, donations to digital assets are flooding in.
Prominent figures in the cryptocurrency industry have made their political preferences clear and have not hesitated to direct significant donations to the candidates of their choice.
One of the latest contributions comes from Chris Larsen. The co-founder and executive chairman of Ripple (XRP) supports Vice President Kamala Harris.
In a post on X (formerly Twitter) dated October 21, the executive revealed the motivation behind the donation.
He expressed his belief in Harris’ ability to foster progressive approaches to technological innovation, particularly in the cryptographic field.
Larsen declared:
“I will donate $10 million in XRP to support her.”
The large donation went to Future Forward, a political action committee (PAC) supporting Harris in the upcoming US election.
XRP for Harris?
It’s worth noting that Larsen’s support for Democratic candidates is nothing new. According to Federal Election Commission (FEC) records, he donated $1 million worth of XRP tokens in August.
Interestingly, Fox Business reporter Eleanor Tellet highlighted that this is the first documented cryptocurrency donation to Harris’ campaign.
As of press time, the executive’s total contributions to PACs supporting Harris exceeded $11.8 million.
Larsen’s donation was made as part of a larger fundraising effort. Future Forward raised more than $100 million last month, according to New York Times reporter Theodore Shleifer.
This includes $10 million from Asana and Facebook co-founder Dustin Moskowitz, $9 million from the nonprofit Evidence for Impact, and $5 million from Illinois Governor Jay Robert Pritzker. Masu.
Additionally, the PAC has raised more than $200 million to power Harris’ campaign against Republican candidate Donald Trump, according to the latest data from Open Secrets.
Trump campaign virtual currency
As reported by AMBCrypto, news of Larsen’s donation follows Elon Musk (CEO of Tesla and SpaceX) recently mentioning XRP.
Musk is an ardent supporter of President Trump and has frequently expressed his opposition to the vice president. In fact, he became one of the biggest donors to the Trump campaign.
The CEO donated nearly $75 million to his political action committee, America PAC, according to FEC filings released in early October.
Additionally, as noted by AMBCrypto, another PAC supporting the Trump campaign has raised $7.5 million in crypto donations.
Probability of Trump winning
As the election approaches, the latest data from Polymarket suggested the odds are in Trump’s favor. The Republican candidate had a 63.7% chance of winning the Oval Office.
By contrast, Harris fell behind 36.2% of the time. As cryptocurrency donations continue to soar, it is clear that digital assets will play an increasingly important role in the 2024 presidential election.
Source: Polymarket
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