Chris Larsen, the co-founder and executive chair of Ripple, a payments firm, has made a generous donation of $10 million to a political action committee (PAC) that supports Democratic Vice President Kamala Harris in the upcoming 2024 United States presidential election. Larsen confirmed his contribution on October 21st, revealing that he donated $10 million worth of XRP, a digital currency, to the Future Forward USA Super PAC, which aids the Democratic presidential candidate. This donation comes after Larsen had previously donated $1 million to Future Forward in August, marking one of the first major contributions in the crypto world to support Vice President Harris’ candidacy.
Larsen expressed his belief that the Democratic Party should adopt a new approach towards technological innovation, including cryptocurrencies. He stated that he believes Kamala Harris will ensure that American technology remains dominant on a global scale, which is why he decided to donate $10 million in XRP to support her.
According to Open Secrets, Future Forward has managed to raise over $200 million in support of Harris’ campaign against Donald Trump. The Republican candidate has referred to Bitcoin as a “scam” but has recently claimed that he intends to support crypto miners, oppose the issuance of a central bank digital currency, and dismiss Securities and Exchange Commission Chair Gary Gensler if he is reelected.
In response to Larsen’s contribution, Ripple CEO Brad Garlinghouse stated that the company will continue to engage with both Democrats and Republicans who support pro-crypto policies in Congress. However, Larsen faced some criticism on X, with many users viewing his support for Vice President Harris as a partisan issue rather than a matter related to digital assets.
During the 2024 election season, various crypto interest groups and individuals who support cryptocurrencies have made significant financial contributions to political candidates running for positions in the US House of Representatives, the Senate, and the Presidency. Larsen has also made contributions to a PAC that supports Republican Senate candidate John Deaton, but this occurred before US President Joe Biden withdrew from the 2024 race and pledged his support to Harris.
Crypto-backed Super PACs like Fairshake and its affiliated groups Protect Progress and Defend American Jobs have supported candidates from both the Democratic and Republican parties through media purchases for both primary and general elections, which are scheduled for November 5th. Several polls indicate that the presidential race is currently a close call between Vice President Harris and Trump.
Leading up to election day, Cointelegraph is featuring profiles of politicians running for the US House of Representatives and the Senate in its ‘Better Know a Crypto Candidate’ series.
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