Ripple co-founder Chris Larsen has recently contributed more than $10 million to fund the U.S. presidential campaign of Democratic candidate Kamala Harris.
Harris Campaign Funding
The recent revelations about these donations come from several reports released today, citing data submitted by the U.S. Federal Election Commission (FEC). According to this information, Larsen has donated approximately $800,000 to the Harris Victory Fund, in addition to another $9.9 million allocated in September of this year to the Fund for the Future.
These funds are managed by Political Action Committees (PACs/Super PACs), organizations dedicated to raising capital to support political candidates in the U.S. election campaigns. They typically fund advertising, public rallies, transportation, logistics, and other expenses associated with running for office.
In Harris’ case, while the candidate does not have mechanisms to receive cryptocurrency donations directly, it is likely that the PACs are handling this task by capturing funds in digital currencies, converting them to dollars, and allocating the assets to support the current vice president and Democratic Party candidate.
Regarding Larsen, reports published days ago revealed that the Ripple co-founder had previously allocated the equivalent of one million dollars in XRP to support the candidate. This move was made through the Super PAC Future Forward.
The Ripple executive has expressed his strong affinity for Harris on several occasions, noting that he felt comfortable in conversations with people close to her campaign. He believes in her proposals, which is why he is actively supporting her with financial contributions.
Harris and Cryptocurrencies
The revelations about Larsen’s support come just over two weeks before the U.S. presidential election, where Harris is running against former president and GOP candidate Donald Trump.
The presidential race has been very competitive, and both candidates have sought support from sectors that were not as prominent in previous elections. Both Harris and Trump have made statements regarding the crypto ecosystem in the U.S., outlining parts of their plans for the industry should they win the presidency.
Trump has been more open and clear on the subject, mentioning plans to promote the U.S. as the global hub for the crypto ecosystem. His proposals include managing Bitcoin reserves, creating a fund in the primary digital currency, providing guarantees to local miners, and removing Securities and Exchange Commission (SEC) Chairman Gary Gensler, who has been strongly criticized for his anti-crypto stance.
Harris, although more reserved in her statements, has assured that she will support the development of laws regulating cryptocurrencies and will work to position the U.S. as an international leader in Blockchain and artificial intelligence.
Crypto Backing for Both Candidates
Just as Larsen backs Harris, Trump has also gained support from prominent figures in the cryptocurrency sector. Notably, Marc Andreessen and Ben Horowitz of a16z Crypto, along with Ripple’s chief legal officer, Stuart Alderoty, have financed Trump’s campaign.
