The influx of cryptocurrencies is rapidly increasing in the lead-up to next month’s elections.
The latest information comes from Ripple co-founder and executive chairman Chris Larsen, who on Monday announced that he would be investing in the seventh-largest digital asset by market capitalization to support Vice President Kamala Harris’ US presidential campaign. They announced that they donated an additional $10 million in XRP.
Ripple confirmed to Decrypt that Larsen personally made the donation following a tweet about the matter. The New York Times reported Sunday that Larsen donated $10 million to Future Forward, a prominent Democratic PAC, amid a record fundraising quarter for the Harris campaign and related groups. Larsen confirmed the report in a tweet, noting that the donation was made in XRP.
“It’s time for Democrats to take a new approach to innovation, including cryptocurrencies,” he wrote, adding that he believes Harris “will ensure American technology dominates the world.”
It’s time for Democrats to take a new approach to technological innovation, including cryptocurrencies. i believe @KamalaHarris It will ensure that American technology dominates the world. That’s why I’m donating $10 million in XRP to support her. https://t.co/vb9KJA87JK
— Chris Larsen (@chrislarsensf) October 21, 2024
Earlier this month, FEC filings revealed that Chris Larsen donated 1,754,815.29 XRP worth $1 million to the same PAC in August. A representative from Ripple Labs confirmed to Decrypt that the latest $10 million individual donation to the PAC did not include any of the initial XRP batches.
Larsen helped found Ripple, a fintech company that makes it easier for companies to move money across borders. He also co-founded XRP, the seventh largest digital coin by market capitalization. Although Ripple uses XRP for its services, the company and XRP are operated independently.
Ripple’s dealings with governments are typically combative, and the company made headlines last year with a partial victory in a long-running lawsuit brought against it by the U.S. Securities and Exchange Commission.
The SEC filed a $1.3 billion lawsuit against Ripple in 2020 for selling unregistered securities in the form of the cryptocurrency XRP to investors to raise funds.
But last year, a judge ruled that programmatic sales of XRP on cryptocurrency exchanges to retail investors do not qualify as securities.
The judge also ruled that $728 million worth of tokens for sale to institutional investors did constitute an unregistered securities sale, but the overall ruling was a victory for Ripple, and the crypto industry as a whole. It is interpreted as Ripple and the SEC are currently pursuing an appeal.
Ripple Labs CEO Brad Garlinghouse referenced Larsen’s recent donation in a tweet reply, noting the company’s ongoing battle with regulators.
“I respect Chris’ (and everyone’s!) right to support the person they think is best to lead America,” Garlinghouse said in a statement. “We need to immediately reverse course from this administration’s misguided crypto wars. Yes,” he tweeted. “Ripple will continue to work with both Democrats and Republicans to advance pro-crypto policies in the final days of the election campaign (and post-election). Advocate for policies that promote innovation.”
I respect Chris’ (and everyone’s!) right to support whoever he thinks is best to lead the United States.
We need to immediately pivot from the current administration’s misguided war on cryptocurrencies.
Ripple will continue to engage with both Democrats and Republicans in the final days…
— Brad Garlinghouse (@bgarlinghouse) October 21, 2024
Ahead of next month’s election, Republican candidate Donald Trump has presented himself as a more crypto-friendly candidate and received more funding from the industry as a result.
The Harris campaign has only recently begun talking about how it could help the U.S. ecosystem.
Edited by Andrew Hayward
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