Source: Chris duMond (Getty Images)
Ripple co-founder Chris Larsen made a massive contribution to Vice President Kamala Harris’s presidential campaign, donating $1 million in XRP.
Federal Election Commission filings reveal that Larsen donated on August 14 to Future Forward PAC, a political action committee supporting Harris. The contribution was categorized as a non-contribution account, an in-kind donation of 1,754,815.29 XRP, not liquidated.
Chris Larsen’s XRP Donation: A New Frontier in Campaign Finance
Coinbase Commerce is a platform that Future Forward PAC uses to convert donated digital assets into US dollars.
When Eleanor Terrett of Fox Business first reported Larsen’s donation, she noted that it was the first cryptocurrency given to Harris’s campaign.
🚨SCOOP: @Ripple co-founder @chrislarsensf has made the first documented #crypto donation to @KamalaHarris.
— Eleanor Terrett (@EleanorTerrett) October 11, 2024
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
XRP and the 2024 Election: A Growing Trend?
According to Open Secrets data, as of August 31, Future Forward PAC had amassed over $200 million in contributions.
Prominent donors include former New York City Mayor Michael Bloomberg, venture capitalist Reid Hoffman, and the cryptocurrency exchange Coinbase. The PAC originally supported President Joe Biden’s reelection efforts before shifting its focus to Harris’s campaign.
Furthermore, Phil Potter, one of Tether’s co-founders, gave nearly half a million dollars to the Commonwealth Unity Fund, a super PAC that backs Jonathan Deaton’s campaign against Elizabeth Warren.
Potter joins other prominent figures in the industry, including individuals associated with Ripple and Gemini Co-Founders Cameron and Tyler Winklevoss twins, who have also contributed to the CUF, which has raised over $2.5 million in support of Deaton thus far.
Cryptocurrency and the U.S Election
The subject of cryptocurrency’s place in the upcoming November 5 election is hotly debated and quickly developing.
In her 80-page economic plan released last month, Harris outlined her administration’s strategy for handling digital assets, placing a focus on protecting investors and consumers while promoting technologies like artificial intelligence and digital assets.
In contrast, Republican contender Donald Trump has indicated a more positive attitude toward the cryptocurrency industry by promising to stop what he refers to as a “unlawful and un-American crackdown” on the US market.