Chris Larsen’s $10M XRP donation to Harris highlights the growing role of crypto in political funding and innovation.
Larsen believes Harris understands tech well, which is crucial for driving the Democratic Party's innovation agenda.
The crypto industry shows diverse political support, with significant donations going to both Harris and Republican candidates.
Chris Larsen, Ripple, promised $10 million in XRP to back Vice President Kamala Harris's presidential bid. In a tweet, Larsen made it clear that for him, the Democratic Party had to have a new attitude toward technological innovation, more precisely regarding the sector of cryptocurrencies. His support is part of a wider trend where Bitcoin interests are wielding more heft in political spending.
https://twitter.com/chrislarsensf/status/1848405676776952186 Big Money in Political Donations
Larsen’s $10 million contribution to the Future Forward super PAC is part of a larger trend. This PAC raised over $100 million last month alone. Notably, other major contributions included $10 million from Dustin Moskovitz and $9 million from a nonprofit called Evidence for Impact.
Furthermore, FEC data reveals that Larsen has contributed more than $11.8 million to PACs supporting Harris. His donations include nearly $9.9 million to Future Forward and over $800,000 to the Harris Victory Fund.
Consequently, Larsen has emerged as one of the largest individual donors from the crypto industry this election cycle. He has a net worth of approximately $3.1 billion, largely due to his ownership of XRP. This financial influence illustrates the growing prominence of crypto in political fundraising.
Understanding the Crypto Influence
Larsen’s support for Harris stems from her understanding of the tech industry. He believes she has a solid grasp of the innovation economy, especially given her Bay Area roots. In conversations with her campaign, he found a shared vision that aligns with the interests of the crypto sector. “She knows people who have grown up in the innovation economy her whole life,” Larsen explained. This insight underscores the connection between technological innovation and political leadership.
However, the crypto industry's political contributions are not entirely one-sided. The industry has historically leaned toward Republican support. A recent report noted that nearly half of the corporate money in this election cycle comes from crypto donors. For instance, the Trump PAC raised about $7.5 million in crypto donations since early June. This demonstrates the dual approach of cryptocurrency stakeholders in political donations.
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