Major Contributions to Political Campaigns
- Chris Larsen has donated nearly $10 million to support various political action committees.
- Larsen stands out as one of the top contributors from the cryptocurrency sector for the upcoming 2024 elections.
- Ripple’s Brad Garlinghouse emphasizes continued bipartisan discussions regarding cryptocurrency policy.
Chris Larsen’s Generous Donation
Chris Larsen, co-founder and executive chair of Ripple, has recently contributed a significant $10 million worth of XRP to assist Vice President Kamala Harris in her electoral campaign.
Previous Contributions
Earlier this August, Larsen made headlines with a $1 million XRP donation to the Future Forward political action committee, which backs Harris.
His Message of Support
In his announcement on X, Larsen stated:
It’s time for the Democrats to have a new approach to tech innovation, including crypto. I believe @KamalaHarris will ensure that American technology dominates the world, which is why I’m donating $10M in XRP in support of her. https://t.co/vb9KJA87JK
— Chris Larsen (@chrislarsensf) October 21, 2024
Highlights of Larsen’s Political Donations
According to a CNBC report, Larsen has contributed $9.9 million to Future Forward PAC and an additional $800,000 to the Harris Victory Fund. These actions firmly establish him as a leading political benefactor within the cryptocurrency industry for the 2024 elections.
Ripple’s Broader Political Engagement
In response to the recent fundraising, Ripple CEO Brad Garlinghouse remarked on X that he supports everyone’s right to contribute to the political landscape, reinforcing Ripple’s commitment to engage with both major parties. He stated:
“Ripple will continue to engage with both Democrats and Republicans in the final days of the campaigns (and after the election) to promote pro-crypto policies. It’s not about party lines; it’s about championing policies that drive blockchain and crypto innovation.”
The Surge in Cryptocurrency Political Contributions
The overall cryptocurrency sector has contributed an impressive $190 million in political donations during the current election cycle. This marks a significant increase compared to the $15 million donated in the previous 2020 election. Of this $190 million, over $130 million has been allocated to congressional races.
Largest Political Action Committees
Among the contenders, the Fairshake PAC has emerged as the leading super PAC, having raised over $202 million in support of candidates, according to data from Open Secrets.
Crypto Donations to Various Candidates
Former President Donald Trump has also garnered attention for receiving substantial cryptocurrency contributions. Notably, the Winklevoss twins contributed $2 million in Bitcoin to his campaign, while Jesse Powell, a co-founder of the Kraken exchange, donated $1 million in Ethereum during the same month.