As a researcher diving into the intricate world of cryptocurrencies and politics, I find Chris Larsen’s approach to be quite fascinating. Unlike many in his industry who seem to align themselves with one political party over another, Larsen has taken a more nuanced stance, supporting Vice President Kamala Harris for her deep understanding of the innovation economy and her Bay Area roots.
Chris Larsen, one of the founders of Ripple, has opted for an uncommon strategy within the crypto sector by backing Vice President Kamala Harris for the presidential race in 2024.
In a recent move, Larsen transferred a million dollars’ worth of XRP tokens to Future Forward, a political action committee backing Harris, contrasting the majority of crypto executives who have contributed millions to Donald Trump’s election efforts.
Larsen’s reason for backing Harris stems from her Bay Area upbringing and his perception of her comprehensive insight into the innovation sector. He emphasizes that Harris has been immersed in tech circles throughout her life, providing her with a fundamental comprehension that the Biden administration seemed to lack, particularly in linking worker empowerment with maintaining American companies at the forefront of their industries.
Larsen has always had faith in Harris. He contributed $100,000 to the Harris Action Fund PAC and $6,600 personally to her campaign earlier this year. He has contributed roughly $1.9 million to her campaign overall.
Larsen, who amassed a fortune worth $3.1 billion through his position at Ripple and ownership of XRP, is part of an expanding cryptocurrency sector significantly impacting political fundraising. Yet, it’s been found in a report by Public Citizen that the majority of this industry’s support has leaned towards Republicans, with about 45% of corporate donations originating from crypto-related companies.
A significant portion of cryptocurrency contributions has been directed towards supporting Republicans or countering Democratic causes. Previously, President Donald Trump amassed more than $4 million in digital assets, also delivering a keynote speech at a significant Bitcoin event in Nashville this year.
According to Larsen, Harris might offer a more practical stance towards the cryptocurrency sector compared to SEC Chair Gary Gensler. Larsen is critical of Gensler’s tough regulatory measures, stating that they have stirred up confusion and inadvertently bolstered riskier overseas operations at the expense of the domestic industry.
Although Chris Larsen donated a significant amount to Democrats, like one million dollars to Governor Josh Shapiro, there’s still a considerable amount of doubt within the crypto community regarding Kamala Harris’s presidential campaign. This uncertainty was expressed on various social media platforms, where some raised questions about what her policies might be if she were to be elected.
However, Larsen dismissed these criticisms, saying he doesn’t pay attention to social media.
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2024-10-15 18:28