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

Ripple co-founder Chris Larsen has donated over $11.8 million to political action committees (PACs) backing Vice President Kamala Harris’s presidential campaign, according to CNBC.

Larsen’s donations include $9.9 million to the Future Forward PAC and $800,000 to the Harris Victory Fund, making him one of the largest donors from the crypto industry this election cycle. These contributions reflect Larsen’s belief in Harris’s understanding of the innovation economy, which he attributes to their shared roots in the Bay Area.

In response to the news, Larsen expressed his support on X (formerly Twitter), stating, “It’s time for the Democrats to have a new approach to tech innovation, including crypto.”

Larsen further explained that Harris’s background and her strong ties to the tech industry align with his vision of strengthening U.S. leadership in technological innovation. Earlier in August, Larsen also donated $1 million worth of XRP tokens to Harris’s campaign, signaling his continued support for her candidacy and her approach to tech policy.

Chris Larsen, with a net worth of $3.1 billion, has emerged as a prominent figure in political fundraising, making substantial contributions across the political spectrum in recent years. His support for Vice President Kamala Harris is rooted in her policies on economic innovation, which Larsen believes are crucial for preserving the United States’ leadership in emerging technologies. He sees Harris’s background and understanding of the tech sector as aligned with his vision of fostering technological progress and ensuring the country remains at the forefront of innovation.

Crypto and the 2024 U.S. presidential election

Larsen’s political contributions are part of a broader trend of increasing involvement from the crypto industry in the 2024 U.S. elections. The sector has collectively donated nearly $190 million, with over $130 million already allocated to congressional races. While most crypto donations have traditionally favored Republicans, Larsen’s support for pro-Harris PACs marks a notable exception, showcasing significant backing for the Democratic candidate from within the crypto community.

Ripple CEO Brad Garlinghouse commented on Larsen’s contributions, posting on X (formerly Twitter):

“I respect Chris’ (and everyone’s!) right to support whomever they think is best to lead the U.S. We need to immediately change course from this administration’s misguided war on crypto. Ripple will continue to engage with both Democrats and Republicans in the final days of the campaigns (and after the election) to promote pro-crypto policies. It’s not about party lines; it’s about championing policies that drive blockchain and crypto innovation.”

Garlinghouse’s statement underscores Ripple’s strategy of engaging with both sides of the political aisle to advocate for policies that foster innovation in the blockchain and crypto space, regardless of party affiliation.

In a similar vein, billionaire entrepreneur Mark Cuban, a Democrat, has praised Kamala Harris for her engagement with the crypto industry during her 2024 campaign. Cuban contrasted her approach with the Biden administration’s more stringent regulatory stance, highlighting Harris’s efforts to meet with industry leaders and listen to their concerns. Cuban suggested that Harris’s willingness to engage with the crypto community could help sway crypto supporters who had previously backed Donald Trump, positioning her as a more crypto-friendly candidate in the eyes of some industry figures.