Ripple’s Larsen donated $11.8m to Harris for ‘new approach’ to crypto

Ripple co-founder Chris Larsen donated over $11.8 million to political action committees supporting Vice President Kamala Harris’ presidential campaign.

Donations include $9.9 million to the Future Forward PAC and $800,000 to the Harris Victory Fund, according to CNBC, making Larsen one of the largest donors to the crypto industry this election cycle.

Larsen’s contributions reflect his confidence in Harris’s understanding of innovation economics, influenced by their shared Bay Area roots.

In response to the news, Larsen wrote on X: “It’s time for Democrats to take a new approach to technological innovation, including crypto.”

According to CNBC, Larsen explained that Harris’ background and connections in the tech industry align with his vision of promoting U.S. leadership in technological innovation.

In August, Larsen also donated $1 million in XRP tokens to his campaign.

It’s time for Democrats to take a new approach to technological innovation, including crypto. I believe @KamalaHarris It will enable American technology to dominate the world, so I’m donating $10 million to XRP to support it. https://t.co/vb9KJA87JK

— Chris Larsen (@chrislarsensf) 21 October 2024

Larsen, who is worth $3.1 billion, has become a notable figure in political fundraising in recent years, making significant contributions across the political spectrum. His support for Harris is based on Larsen’s policies on economic innovation, which he believes are key to maintaining U.S. leadership in emerging technologies.

Crypto and the 2024 US presidential election

Larsen’s contributions are part of a broader trend toward crypto industry involvement in the 2024 elections.

The industry donated nearly $190 million, with more than $130 million spent in congressional races. While most crypto donations favor Republicans, Larsen’s support for pro-Harris PACs stands out as a key indicator of the crypto community’s support for the Democratic candidate.

Ripple CEO Brad Garlinghouse said on X:

“I respect Chris’s (and everyone else’s!) right to support who they think is best to lead the United States. We must immediately change course from this administration’s misguided war on crypto. Ripple will continue to reach out to both Democrats and Republicans in the final days of the campaigns (and after the election) to promote pro-crypto policies. This isn’t about party lines; “This is about supporting policies that drive blockchain and crypto innovation.”

Recently, Democrat Mark Cuban praised Kamala Harris for her involvement with the crypto industry during the 2024 campaign and compared it to the Biden administration’s regulatory approach.

Cuban noted that Harris is actively meeting with industry leaders and listening to their concerns. He suggested that his willingness to participate could influence crypto supporters who previously supported Donald Trump.