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Chris Larsen, co-founder of Ripple, has made a significant donation of $1 million in XRP to Vice President Kamala Harris’s presidential campaign.
Filings with the Federal Election Commission indicate that Larsen contributed on August 14 to Future Forward PAC, a political action committee backing Harris. This donation was classified as a non-contribution account, representing an in-kind gift of 1,754,815.29 XRP, which has not been liquidated.
Chris Larsen’s XRP Donation: A New Frontier in Campaign Finance
Future Forward PAC employs Coinbase Commerce, a service that transforms donated digital currencies into USDC.
Fox Business reporter Eleanor Terrett was the first to report on Larsen’s donation, noting it as the inaugural crypto contribution to Harris’s campaign.
SCOOP: @Ripple co-founder @chrislarsensf has made the first documented #crypto donation to @KamalaHarris.
According to new FEC filings, Larsen donated $1 million in $XRP to one of the leading super PACs supporting Harris — Future Forward USA.@AppBreadcrumbs pic.twitter.com/XAYbUImpS5— Eleanor Terrett (@EleanorTerrett) October 11, 2024
XRP and the 2024 Election: A Growing Trend?
Data from Open Secrets shows that as of August 31, Future Forward PAC had gathered over $200 million in donations.
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Notable contributors include former New York City Mayor Michael Bloomberg, venture capitalist Reid Hoffman, and the cryptocurrency exchange Coinbase. Initially, the PAC supported President Joe Biden’s reelection campaign before redirecting its efforts to Harris’s candidacy.
Furthermore, Tether co-founder Phil Potter has contributed nearly half a million dollars to the Commonwealth Unity Fund, a super PAC aiding Jonathan Deaton’s challenge against Senator Elizabeth Warren.
Potter is among other significant industry figures, including individuals linked to Ripple and Gemini Co-Founders Cameron and Tyler Winklevoss, who have also supported the CUF, which has raised over $2.5 million for Deaton so far.
Cryptocurrency and the U.S Election
The influence of cryptocurrency in the forthcoming November 5 election is a swiftly changing and debated topic.
Last month, Harris detailed her administration’s stance on digital assets in her 80-page economic strategy, highlighting support for technologies such as artificial intelligence and digital currencies while ensuring consumer and investor safeguards.
On the other hand, Republican candidate Donald Trump has vowed to stop what he describes as an “unlawful and un-American crackdown” on the U.S. cryptocurrency sector, indicating a more supportive position toward the industry.
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