Chris Larsen's crypto donation to Kamala Harris signals rising influence of digital assets in U.S. politics.
Crypto policies are a key issue in the 2024 election, with both Kamala Harris and Donald Trump accepting crypto.
Future Forward USA PAC's use of crypto highlights a shift towards digital assets in political fundraising.
Chris Larsen, Ripple's co-founder, has donated $1 million to support Vice President Kamala Harris' presidential campaign. The donation was made in cryptocurrency, making it his first known cryptocurrency contribution to Harris' campaign. Larsen's donation to Future Forward USA PAC consisted of around 1.75 million XRP tokens.
https://twitter.com/EleanorTerrett/status/1844780039520276920 Growing Role in U.S. Politics
The donation comes at an important moment for both Ripple and the 2024 US presidential race. Ripple has been involved in a legal battle with the United States Securities and Exchange Commission (SEC) since 2020.
The SEC argues that Ripple raised $1.3 billion through unregistered digital asset sales. While the courts ruled in Ripple's favor for XRP secondary market transactions, Ripple's sales to institutional investors were found to violate securities laws.
Larsen's support for Harris is important because of the high-profile court case. As crypto becomes more important in politics, it's clear that crypto policies will shape future administrations. Both Kamala and Trump are now accepting crypto donations. Donald Trump has pledged to support the crypto industry.
Political Action Committees Embrace Cryptocurrency
Future Forward USA, one of Harris' most prominent PACs, has now received $200 million, with contributions from Larsen and other notable figures like Reid Hoffman and Michael Bloomberg. The PAC accepts crypto donations through Coinbase Commerce, which are converted into stablecoins to protect the funds from market volatility. Larsen's contribution gives Harris' campaign a boost, highlighting the growing importance of digital assets in politics.
Cryptocurrency has become an important topic in the highly anticipated 2024 US presidential election. Kamala Harris' support from Chris Larsen may increase her appeal to pro-crypto voters. The evolving regulatory landscape will likely see further alignment between digital assets and politics.
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