Highlights:
- Ripple’s Chris Larsen donates $1M in XRP to Kamala Harris’ campaign, marking a first for crypto contributions.
- The PAC previously backed Biden but shifted focus to Harris, raising over $200 million.
- Harris aims to strengthen ties with the crypto industry amid the election.
Chris Larsen, co-founder of fintech giant Ripple, has made a notable $1 million cryptocurrency donation in XRP to Future Forward PAC, a political action committee supporting Vice President Kamala Harris’ presidential campaign. This marks the first time Harris has received a donation in cryptocurrency, emphasizing Ripple’s support for the candidate despite the ongoing litigation with the U.S. Securities and Exchange Commission (SEC).
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Federal Election Commission filings indicate that the donation, made on August 14, was in the form of 1.7 million XRP tokens. Future Forward PAC accepts crypto donations via Coinbase Commerce and automatically converts them into the stablecoin USDC to reduce volatility.
🚨SCOOP: @Ripple co-founder @chrislarsensf has made the first documented #crypto donation to @KamalaHarris.
According to new FEC filings, Larsen donated $1 million in $XRP to one of the leading super PACs supporting Harris — Future Forward USA.@AppBreadcrumbs pic.twitter.com/XAYbUImpS5
— Eleanor Terrett (@EleanorTerrett) October 11, 2024
The PAC initially backed President Joe Biden’s reelection efforts before redirecting its support to Harris’s campaign. The PAC has raised over $200 million in total, receiving significant contributions from notable figures such as former New York City Mayor Michael Bloomberg, venture capitalist Reid Hoffman, and the crypto exchange Coinbase.
Larsen’s public endorsement of Harris comes at a pivotal moment for Ripple, which is still engaged in its legal battle with the SEC. This conflict started in 2020, with both parties appealing recent rulings stemming from a final judgment issued in August. Ripple’s ongoing litigation with the SEC, along with the growing role of crypto in political discourse, adds importance to Larsen’s support for Harris.
Former Ripple Board Member Supports Harris Campaign
Ripple Chairman’s support goes beyond financial contributions. In the first week of August, Gene Sperling, a former member of the Ripple board, also endorsed Kamala Harris. Before this, Sperling had connections to the Biden administration and later shifted to support Harris’s campaign, reinforcing the link between the cryptocurrency company and the candidate.
White House senior adviser Gene Sperling is leaving his administration position to work with Vice President Kamala Harris' election campaign as the Democrats step up efforts to challenge Donald Trump on policy issues in November's election. https://t.co/4mDM5rPVIG
— NBC Montana (@NBCMontana) August 5, 2024
Sperling’s addition to Vice President Harris’s team brings valuable experience in economic policy and may indicate potential collaboration on financial technology and digital asset regulation. However, Ripple has not provided additional details about its involvement in Harris’s campaign beyond Larsen’s contribution and endorsement.
Crypto and the U.S. Election 2024
As the 2024 presidential election nears, crypto has emerged as a key issue for both Democratic candidate Kamala Harris and Republican candidate Donald Trump. Harris recently suggested that her economic plan would support innovative technologies such as artificial intelligence and digital assets.
From Harris’ latest speech today she says that the US should become “Dominant in Blockchain”
I’m sure the “silence isn’t enough” “digital assets isn’t enough” crowd will move the goal post again.
But: progress!
— Adam Cochran (adamscochran.eth) (@adamscochran) September 25, 2024
In early August, Harris’s campaign team launched the Crypto4Harris initiative to connect with the crypto community and counter Republican efforts to win over crypto voters. The campaign seeks to establish a pro-crypto policy framework to rebuild Harris’s relationship with the crypto industry.
In contrast, Trump has vowed to end what he calls an “unlawful and un-American crackdown” on the U.S. cryptocurrency industry, positioning himself as a pro-crypto candidate. As November 5 approaches, both candidates are anticipated to further discuss the effects of crypto on the economy, regulation, and consumer protection. Larsen’s support for Harris is likely to shape the industry’s position in the upcoming election.
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