Ripple Co-Founder Chris Larsen Donates $10M in XRP to Support Kamala Harris’ Election Campaign
Ripple co-founder and Executive Chairman Chris Larsen has contributed another $10 million in XRP, the token tied to Ripple, to support Vice President Kamala Harris in her bid against former President Donald Trump in the upcoming 2024 election. Larsen announced his donation in a post on X (formerly Twitter), where he voiced his support for Harris and her approach to tech innovation.
“It’s time for the Democrats to adopt a new strategy for tech innovation, including cryptocurrency,” Larsen wrote. He added that Harris “will ensure that American technology leads on the global stage.”
According to Federal Election Commission (FEC) records, Larsen had previously donated $1.75 million to the political action committee Future Forward, which is backing Harris. In addition to these contributions, Larsen has donated hundreds of thousands of dollars to various Democratic congressional campaigns.
Despite Larsen’s significant contributions, the broader crypto industry’s involvement in the election is led by the super PAC Fairshake, which has raised $169 million in donations. Major contributors include Coinbase Inc., Ripple Labs, and venture capital firm Andreessen Horowitz (a16z). This makes the crypto sector one of the largest sources of campaign funding in the 2024 elections.
Fairshake has taken steps to distribute its donations across both major political parties, maintaining neutrality in the presidential race. However, many key figures in the crypto industry have come out in support of their preferred candidates individually.
While Larsen is backing Harris, other prominent figures in the crypto space, such as Tyler and Cameron Winklevoss and Kraken co-founder Jesse Powell, are supporting Trump. Notably, a16z co-founders Marc Andreessen and Ben Horowitz are also involved, though Horowitz recently announced he would also make a “significant donation” to groups supporting the Harris-Walz campaign, citing a personal connection to the candidate.
Most donations from crypto industry leaders, like Larsen’s, are going to super PACs rather than directly to candidates’ campaigns. Due to the Supreme Court’s 2010 Citizens United ruling, super PACs can receive unlimited donations and spend on campaign advertising independently, as long as they don’t coordinate directly with the candidate’s campaign.
While Larsen recently endorsed Harris, Ripple and its CEO Brad Garlinghouse have previously supported Republicans. In a key instance, Ripple contributed to efforts to defeat Senator Elizabeth Warren (D-Mass.), a known crypto critic. Garlinghouse personally donated $50,000 to a super PAC focused on securing a Republican majority in the Senate, according to FEC filings.
This article is for informational purposes only and should not be considered legal or investment advice. The views expressed are solely those of the author and do not necessarily reflect the views of Caffeine and Crypto.
