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

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As an analyst with extensive experience in both technology and politics, I find Chris Larsen’s significant financial backing for Kamala Harris’s presidential campaign intriguing. Coming from a tech mogul like Larsen, who has built a fortune in the crypto industry, it underscores the growing influence of blockchain technology in American politics.

Chris Larsen, a co-founder of Ripple, has given more than $11.8 million to political groups that are backing Vice President Kamala Harris’s run for the presidency.

As reported by CNBC, Larsen’s contributions amounted to $9.9 million for Future Forward PAC and an additional $800,000 for the Harris Victory Fund, positioning him as one of the significant cryptocurrency donors during this election period.

Larsen’s work underscores his belief in Harris’s grasp of the innovative economy, a conviction reinforced by their common background in the San Francisco Bay Area.

In light of recent developments, Larsen expressed on X, “Now is the right moment for the Democrats to reconsider their strategy towards technological advancement, encompassing cryptocurrencies.

According to CNBC, Larsen stated that Harris’s expertise and contacts within the technology sector match up perfectly with his aim of boosting America’s dominance in technological advancements.

In August, Larsen also made a $1 million donation in XRP (XRP) tokens to her campaign.

It’s time for the Democrats to have a new approach to tech innovation, including crypto. I believe @KamalaHarris will ensure that American technology dominates the world, which is why I’m donating $10M in XRP in support of her.

— Chris Larsen (@chrislarsensf) October 21, 2024

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

Crypto and the 2024 U.S. presidential election 

Larsen’s contributions are aligned with a wider pattern of cryptocurrency sector participation in the 2024 elections.

The sector has donated nearly $190 million, with over $130 million already spent in congressional races. While most crypto donations have favored Republicans, Larsen’s support for pro-Harris PACs stands out as a significant show of support from the crypto community for the Democratic candidate.

Brad Garlinghouse, CEO of Ripple, posted on X saying the following:

“I value Chris’ (and everyone else’s!) freedom to back their chosen leader for the U.S. leadership. We urgently need to rethink our current administration’s ill-advised battle against cryptocurrencies. Ripple will persist in dialogue with both Democrats and Republicans during the campaign period (even after the election) to advance pro-cryptocurrency policies. This isn’t about political affiliations; it’s about advocating for policies that foster innovation within blockchain and cryptocurrencies.

Lately, businessman Mark Cuban, who identifies as a Democrat, commended Kamala Harris for her proactive involvement in the cryptocurrency sector during her potential 2024 presidential bid. He noted this as a positive contrast to the more regulatory stance of the current Biden administration.

Cuban pointed out that Harris has been proactively discussing with influential figures within the industry, addressing their worries. He proposed that her openness to dialogue might persuade cryptocurrency advocates who were initially supportive of Donald Trump.

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2024-10-21 21:38