Ripple co-founder Chris Larsen has recently contributed more than $10 million to fund the U.S. presidential campaign of Democratic Rep. Kamala Harris.
Harris campaign funding
The recent revelations about the donations come in several reports released today, citing data submitted by the U.S. Federal Election Commission (FEC). According to this information, Larsen has donated about $800,000 to the Harris Victory Fund, which is in addition to another $9.9 million allocated in September of this year to the Fund for the Future.
These funds belong to Political Action Committees (PACs / Super PACs), organizations dedicated to raising capital to support political candidates in the U.S. in their respective election campaigns. They typically fund advertising, public rallies, transportation, logistics and all other expenses associated with the process of running for office.
In the case of Harris, although the candidate does not have mechanisms for receiving cryptocurrency donations, it is very likely that the PACs are in charge of this task and of capturing funds in digital currencies, to later exchange them for dollars and allocate such assets to support the current vice-president and representative for the Democratic Party.
Regarding Larsen, reports published days ago revealed that the Ripple co-founder had previously allocated the equivalent amount of one million dollars in XRP funds to back the candidate, a move that was made through the super PAC Future Forward.
The Ripple executive has on several occasions expressed his strong affinity for the current candidate, noting that he has felt very comfortable in the conversations he has had with people close to Harris in her campaign for the presidency, which is why he believes in her proposals and is actively supporting her with funding.
Harris and cryptocurrencies
The revelations about Larsen’s support have come just over two weeks before the U.S. presidential election, where Harris is facing former president and GOP candidate Donald Trump.
The campaign for the presidency has been very evenly matched, so the candidates have sought support even in sectors that years ago had not been so prominent. Precisely in this sense, both Harris and Trump have expressed themselves regarding the crypto ecosystem in the US, putting in common part of their plans in this regard in case they become president.
In this regard, Trump has been much more open and clear on the subject, as he has mentioned promoting the US as the center of the crypto ecosystem worldwide, having the country start managing Bitcoin reserves, creating a fund in the main digital currency, providing guarantees to local miners, and even removing the chairman of the Securities and Exchange Commission (SEC), Gary Gensler, strongly criticized for his anti-crypto approach during his time at the helm of the agency.
On Harris’ side, although her statements have been much more reserved, the candidate assured that she will support the development of laws that regulate cryptocurrencies, as well as helping to place the United States as an international benchmark in Blockchain and artificial intelligence.
Finally, just as Larsen backs Harris, Trump has also secured the support of prominent figures in the cryptocurrency sector. Of note are the financings of Marc Andreessen and Ben Horowitz of a16z Crypto, and Ripple’s chief legal officer, Stuart Alderoty.
