Ripple Co-founder Chris Larsen Donates $1 Million in Crypto to Support Kamala Harris’ Presidential Campaign

Chris Larsen, co-founder of Ripple, has made headlines by donating $1 million worth of cryptocurrency to Future Forward PAC, a political action committee (PAC) supporting Vice President Kamala Harris' 2024 presidential campaign. The donation was made in the form of XRP tokens, and it marks the first significant crypto donation to Harris' campaign.

Larsen's Crypto Donation: Key Details

According to filings from the Federal Election Commission, Larsen made this notable donation on August 14, 2024. The contribution, totaling 1,754,815.29 XRP, was transferred in a "non-contribution account," meaning it was not immediately liquidated. The value of the XRP at the time was estimated at $1 million.

Future Forward PAC, which facilitated this donation, utilizes the services of Coinbase Commerce. This platform allows crypto donations to be converted into USDC, a stablecoin, to minimize the volatility associated with digital assets.

Major Players Backing Harris

Larsen isn’t the only high-profile donor backing Kamala Harris. Over the past year, other major contributors have included former New York City Mayor Michael Bloomberg, venture capitalist Reid Hoffman, and the cryptocurrency exchange Coinbase. These donations have collectively helped Future Forward PAC raise over $200 million by the end of August 2024.

Interestingly, the PAC initially supported President Joe Biden’s reelection bid before Biden withdrew from the race. The funds raised have since shifted towards backing Harris as the Democratic candidate.

Crypto's Growing Role in U.S. Elections

As the 2024 election approaches, cryptocurrency has become a central issue for both major political parties. Kamala Harris has positioned herself as a supporter of innovative technologies, including artificial intelligence and digital assets, while ensuring consumer protection. This stance is part of her broader 80-page economic plan, which outlines the role of digital innovation in driving the U.S. economy.

On the other side, Republican candidate Donald Trump has also addressed the crypto industry, pledging to end what he calls an "unlawful and un-American crackdown" on the sector. Both candidates’ policies on crypto regulation could play a significant role in shaping the industry’s future.

Conclusion: A New Era for Political Donations

Larsen’s substantial contribution signals the growing influence of cryptocurrency in political fundraising. With both major parties recognizing the importance of digital assets in the economy, it’s clear that crypto will remain a significant topic in the upcoming election. As campaigns continue to embrace this new form of currency, the 2024 presidential race could set a precedent for how digital donations impact political campaigns in the future.