Chris Larsen, the co-founder of Ripple, recently announced that he has increased his support for Vice President Kamala Harris by adding $10 million worth of XRP to her election efforts. Larsen, who is now considered the biggest individual supporter of Harris within the crypto sector, expressed his belief that Harris will bring a fresh perspective to tech innovation.
In a statement posted on X, Larsen mentioned that he believes it is time for the Democrats to embrace a new approach to technology, including cryptocurrency. He emphasized that Harris is poised to ensure that American technology remains at the forefront globally. This move by Larsen comes as Harris prepares to face off against former President Donald Trump in the upcoming election.
Federal Election Commission records indicate that Larsen had previously contributed $1,750,000 to the political action committee Future Forward. Additionally, he has made substantial donations to various Democratic congressional campaigns. Despite Larsen’s significant financial support, the overall involvement of the crypto industry in political campaigns is largely spearheaded by the super PAC Fairshake. This group has amassed $169 million in donations, with major contributions coming from companies like Coinbase Inc., Ripple Labs, and Andreesen Horowitz.
While Fairshake has made efforts to distribute its funding across different parties and remain neutral in the presidential race, individual leaders within the crypto industry have openly endorsed their preferred candidates. In contrast to Larsen’s support for Harris, several prominent figures in the crypto community have expressed their backing for Trump. However, there are exceptions, as seen with a16z’s leaders Marc Andreessen and Ben Horowitz, who have pledged significant donations to support the Harris campaign.
It is worth noting that many of the contributions from crypto leaders are channeled through super PACs rather than directly to candidates’ campaigns. This approach allows individuals to contribute unlimited amounts towards advertising efforts that support a candidate, thanks to the Supreme Court’s Citizens United ruling.
Despite his endorsement of Harris, Ripple CEO Brad Garlinghouse and the company have also been involved in supporting Republican candidates. For instance, Ripple actively opposed Democratic Senator Elizabeth Warren and provided financial backing to a super PAC focused on securing a Republican majority in the Senate.
In conclusion, the involvement of key figures in the crypto industry in political campaigns reflects the sector’s growing influence in shaping policy and regulation. By leveraging their financial resources and influence, these individuals are actively participating in the democratic process and advocating for candidates who align with their vision for the future of technology and innovation.
