As the highly anticipated election between Kamala Harris and Donald Trump draws near, the spotlight is on substantial donations from key figures within the cryptocurrency sector. This election is poised to have a significant impact on the market, and recent data highlights the role of Chris Larsen, co-founder of Ripple, in this evolving narrative. Larsen has made notable contributions to Future Forward, a super PAC supporting Vice President Kamala Harris.
Only Crypto Billionaire Who’s Donating Significantly
In September 2024, Chris Larsen, co-founder of Ripple, made a series of significant donations to Future Forward, a super PAC that rallies behind Vice President Kamala Harris. Official records reveal that Larsen donated a total of $9.89 million in cash to the PAC through three separate contributions. Additionally, he contributed $1 million in XRP cryptocurrency in August and over $800,000 to the Harris Victory Fund, amassing his total donations to more than $11.8 million. This positions him as one of the largest individual donors from the cryptocurrency industry in this election cycle.
In a revealing interview with CNBC, Larsen, who has previously supported candidates across the political spectrum, stated that his endorsement of Harris is rooted in his discussions with her campaign team and his observations of her performance since she became the main candidate in July, stepping in for President Joe Biden. Larsen’s longstanding support for the Democratic nominee is evident. In February, he made the maximum personal donation of $6,600 to Harris, covering both the primary and general elections, months before she was declared the Democratic presidential nominee, as per Federal Election Commission records. Concurrently, he also donated $100,000 to the Harris Action Fund PAC.
Contrastingly, since early June, the Trump PAC has accrued approximately $7.5 million in cryptocurrency donations, indicating a diverse range of support within the crypto community.
Here’s the Real Intention Behind Ripple’s Support
Larsen’s contributions come at a pivotal moment when crypto regulation stands as a central issue in the 2024 election cycle. Although his donations might appear as straightforward support for a candidate, the underlying motives are not entirely transparent. It’s widely noted that Harris’s team has been actively engaging with crypto experts to gain deeper insights into the industry. This has sparked speculation about potential meetings between Kamala Harris and Chris Larsen to discuss her strategy for cryptocurrency policy.
Despite receiving substantial backing from Larsen, Vice President Harris continues to face challenges in garnering widespread public support. According to Polymarket, an online prediction market, only 38.2% of users currently favor Harris to win the 2024 election. This suggests that even significant financial contributions do not necessarily translate into favorable betting odds.
In summary, as the election nears, the intersection of politics and cryptocurrency continues to unfold, with significant donations from industry leaders shaping the landscape. The potential implications for crypto regulation and market dynamics are profound, making this election cycle a pivotal moment for the cryptocurrency community.
