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Ripple co-founder and executive chairman Chris Larsen has donated $10 million in XRP to a Political Action Committee (PAC) that supports Democratic presidential candidate Kamala Harris.
“It’s time for the Democrats to have a new approach to tech innovation, including crypto,” Larsen said in an Oct. 21 post on X. Harris “will ensure that American technology dominates the world,” he added.
Larsen has become the crypto industry’s biggest supporter of Harris, who is seen as less pro-crypto than Trump. Records from the Federal Election Commission show that the Ripple executive had previously donated $1.75 million to the PAC. He has also donated hundreds of thousands of dollars to Democratic congressional campaigns.
Brad Garlinghouse Supports Chris Larsen’s Decision To Back Harris
Ripple CEO Brad Garlinghouse commented under Larsen’s X post, saying that he respects his colleague’s decision to support the candidate that he thinks is “the best to lead the US.”
He added that Ripple Labs “will continue to engage with both Democrats and Republicans in the final days of campaigns” and after the election “to promote pro-crypto policies.”
I respect Chris’ (and everyone’s!) right to support whomever they think is best to lead the U.S.
We need to immediately change course from this administration’s misguided war on crypto.
Ripple will continue to engage with both Democrats and Republicans in the final days of…
— Brad Garlinghouse (@bgarlinghouse) October 21, 2024
“We need to immediately change course from this administration’s misguided war on crypto,” Garlinghouse said. He concluded his comment by saying that party lines are not as important as the need to establish clear crypto guidelines that “drive blockchain and crypto innovation.”
Chris Larsen Donations Overshadowed By Other PACs
Despite the substantial amount that Larsen has donated to the Harris campaign, his contributions are overshadowed by the millions of dollars that have been contributed to other PACs.
Leading the charge is the super PAC Fairshake, which has raised over $169 million through several donations from major crypto industry players including Coinbase, Ripple Labs and Andreesen Horowitz. This PAC has made efforts to divide the spending between the two candidates.
Meanwhile, many pro-Trump crypto names have also made contributions. Among the Trump supporters are the Winklevoss twins, Kraken co-founder Jesse Powell, Marc Andreesen and Ben Horowitz.
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