Ripple Co-Founder Donates $1M to Pro-Kamala Harris PAC

Ripple Co-Founder Donates $1 Million in XRP to Support Kamala Harris

Ripple Labs co-founder Chris Larsen has made headlines by donating $1 million worth of XRP Cryptocurrency to a Democrat-aligned political action committee (PAC) in support of U.S. Democratic presidential nominee Kamala Harris. This generous donation took place on August 14, as reported in an FEC filing released this week.

Support for Kamala Harris

Through the donation, Larsen contributed 1,754,815.29 XRP, translating to approximately $1 million, to Future Forward USA, a Democratic Party-aligned super PAC. Future Forward USA has already raised more than $200 million during the 2023-24 election cycle, according to Data from campaign finance nonprofit Open Secrets.

As of the publication time, Larsen has donated a total of $1.9 million to support Harris' campaign. This includes two previous donations to Future Forward in 2023 amounting to $250,000 and $500,000. The super PAC utilized over $200,000 earlier this year for a significant advertising campaign to bolster the Democrats' presidential bid.

Impact of Super PACs

Individual contributors can provide a maximum of $3,300 per election to their favored candidates under federal campaign finance regulations. However, by channeling funds through a super PAC, wealthy donors have the opportunity to influence election outcomes using unlimited funds indirectly.

Larsen's support for Harris caught some observers by surprise, given Ripple Labs' ongoing Legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC sued the firm for purportedly engaging in over $1 billion of unregistered securities sales. Notably, it was under the Biden-Harris administration that SEC Chair Gary Gensler, a controversial figure for Ripple, was appointed in 2021.

Blockchain Firms and Political Support

Larsen's substantial donation aligns with other Blockchain firms' actions during the Biden-Harris administration to support the Democratic Party. In recent months, prominent Crypto proponents such as Galaxy Digital CEO Mike Novogratz and billionaire Mark Cuban have publicly endorsed Harris' presidential campaign.

These endorsements and contributions intensified as Harris hinted at a more Crypto-friendly stance compared to the previous administration. In a recent public appearance, Harris expressed her commitment to maintaining U.S. dominance in Blockchain Technology, signaling a potential shift in policy.

In a strategic move, pro-Crypto Democratic congressmen created "Crypto4Harris," a grassroots movement aimed at rallying support from Crypto enthusiasts for Harris' candidacy. This initiative included a Virtual town hall to engage and mobilize the crypto community in backing Harris.

Conclusion

As the 2024 U.S. presidential race gains momentum, the intersection of Cryptocurrency, Blockchain Technology, and politics is becoming increasingly pronounced. With significant contributions from Blockchain industry leaders towards political campaigns, the future landscape of regulatory Policies and government support for crypto remains uncertain yet intriguing.