The latest major cryptocurrency donation to the Democratic Party comes just weeks before the next U.S. presidential election in November. Ripple Labs co-founder Chris Larsen reportedly donated $10 million in XRP to the campaign to support Kamala Harris, the Vice President. The high-profile donation comes as Harris prepares for a fundraising push and consolidation, especially as discussions about cryptocurrency policy grow.
Ripple was quick to confirm the donation, which is the company’s second with Larsen earlier this year. In today’s political world, cryptocurrency is quickly becoming a hot political issue, and Chris Larsen’s donation reflects that shift in the U.S. political landscape.
Chris Laraen Donates $10 Million in XRP to Harris Campaign
Chris Larsen, co-founder of Ripple and one of its leading figures, has boasted about personally donating $10 million in XRP to a Democratic PAC supporting Harris. The donation, which was reported and independently verified by media outlets, was part of a fundraising campaign to support Harris’ campaign, as Ripple officials have asserted.
In August of this year, Chris Larsen donated 1,754,815.29 XRP worth $1 million to the same PAC, Future Forward USA, which has been active and received large contributions this election cycle. Harris’ leadership in tech and cryptocurrency policy also appears to have been bolstered through Larsen’s continued financial support.
He took to Twitter again (now as X) and said, “It’s time for Democrats to take a new approach to technological innovation, including crypto.” He also assured that Harris would ensure that ‘American technology dominates the world’.
Ripple's History with Cryptocurrency Regulation and the SEC
Ripple, a financial technology company focused on using blockchain for cross-border payments, has been in conflict with U.S. regulators. The company came under pressure from a lawsuit filed by the SEC in early 2020, which accused the company of selling XRP as a security without proper registration.
However, in the midst of continued legal battles, Ripple achieved a milestone in 2023 when it won a federal judge’s ruling that its sales of XRP on public exchanges were not securities. The court also concluded that $728 million in XRP sold to institutional clients violated securities laws. The case, familiar to members of the cryptocurrency community, put Ripple squarely in the middle of the battle over cryptocurrency regulation in the United States.
As a political donor and current activist, this could be Chris Larsen’s way of channeling the crypto industry’s goals into digital asset regulation in the United States. The domino effect of his achievements could reshape how subsequent governments regulate cryptocurrencies.
Brad Garlinghouse, CEO of Ripple and a key figure in the crypto industry, has supported Larsen’s campaign contributions. Garlinghouse made sure to convey the message that pro-crypto policies should be a criterion in the next election in a tweet. “Ripple will continue to lobby both Democrats and Republicans… it’s not about which side you’re on; it’s about who supports policies that advance#blockchain+ #crypto,” Garlinghouse tweeted on October 21, 2024.
The Role of Cryptocurrency in the 2024 US Election
According to local media reports, both major political parties in the 2024 U.S. presidential campaign have weighed in on the cryptocurrency phenomenon to explain how they plan to deal with the rapidly growing sector. On blockchain and cryptocurrency, the Harris campaign has only just begun to explore how the U.S. can implement new policies to foster innovation in these areas, a major turnaround from earlier in the election season.
On the other hand, Republican candidate and former US president Donald Trump, who is a supporter of the cryptocurrency industry, has been heavily funded by crypto lobby groups. Trump is an advocate of reducing regulations and policies that would enhance blockchain technology.
As such, most people in the crypto community, including Larsen, are interested in how the election will affect BTC and other cryptocurrencies in the U.S. While millions of dollars in donations have been allocated to the campaign, both sides are trying to gain the continued popularity of the crypto community.
Conclusion: A pivotal moment for crypto in US politics
The $10 million XRP donation to Kamala Harris’ campaign was a historic moment that changed the course of the interaction between cryptocurrency and U.S. politics. As the fate of regulation for this burgeoning sector remains uncertain, many stakeholders like Chris Larsen are stepping up to make their voices heard. While Ripple is still battling the SEC, the company is actively engaging in the political process as cryptocurrency becomes more and more a part of future policies.
Winning or losing the 2024 election will determine what happens to the crypto space, and the effort Chris Larsen has put forth is a testament to what the industry is willing to do to secure supportive policies. Stay tuned to TheBITJournal for more crypto updates and developments.