Ripple co-founder Chris Larsen made headlines with his $1 million contribution in XRP tokens to Future Forward, a super PAC backing Vice President Kamala Harris’ presidential run. As the crypto industry largely aligns with Republicans, Larsen’s substantial donation is notable, reflecting a growing connection between Harris and the innovation economy.
Why It Matters: Crypto and Politics
Larsen’s support for Harris isn’t just a financial move—it highlights a shift in political sentiment within the cryptocurrency industry. Traditionally, the majority of donations from the crypto sector have gone to Republicans, particularly towards Donald Trump, who has received over $4 million in crypto-related donations. However, Larsen’s faith in Harris stems from her deep ties to the Bay Area’s tech-driven economy, which he believes makes her more attuned to the needs of innovators.
Ripple’s Legal Battles and Harris’ Support for Clear Rules
Ripple has been in a protracted legal battle with the SEC, spending over $100 million to defend itself against civil charges. The SEC, under the leadership of Gary Gensler, has been cracking down on crypto companies, labeling many digital assets as securities. Larsen, along with many other crypto executives, has criticized Gensler’s approach, claiming it fosters chaos and pushes innovation out of the U.S.
In contrast, Larsen believes that Harris’ leadership could bring a “more pragmatic approach and clear rules” to the crypto industry, a stark difference from the current regulatory environment. Harris’ campaign has also started addressing cryptocurrency more directly, recently unveiling a framework for digital assets that emphasizes innovation while safeguarding investors.
Also read: Ripple Co-Founder Donates $1M in XRP to Kamala Harris Amid SEC Legal Battle
Growing Support for Harris from the Crypto Industry
Although the crypto sector has been largely Republican-leaning, Harris is slowly gaining traction. High-profile figures like Anthony Scaramucci and venture capitalist Ben Horowitz have also shifted their support towards Harris, further indicating a shift within the industry. Harris’ recent public address on the importance of AI and digital assets reflects her campaign’s growing focus on the innovation economy.
As the 2024 election approaches, the alignment between Kamala Harris and crypto advocates like Chris Larsen signals a potential shift in how the cryptocurrency industry engages with U.S. politics. With Election Day just weeks away, Harris’ ability to bring “clear rules” to the crypto world could make her an increasingly attractive candidate for those in the sector.
