Chris Larsen, Co-Founder and Executive Chairman of Ripple, has significantly increased his support for Vice President Kamala Harris’s election campaign by contributing $10 million in XRP, making him the largest individual donor in the crypto industry backing Harris. On Monday, in a post on X, Larsen emphasized Harris’s potential to bring a fresh perspective to technology and crypto innovation, expressing confidence in her ability to ensure U.S. leadership in global tech.
Larsen’s contribution is directed toward the political action committee (PAC) Future Forward, adding to his prior donation of $1.75 million. This brings his total support to nearly $12 million, further aligning him as a major player in the crypto sector’s political involvement.
Ripple CEO Brad Garlinghouse responded toLarsen’s post on X with a statement supporting Larsen’s right to back any candidate of his choosing. Garlinghouse reiterated the need for immediate changes in the current administration’s stance on cryptocurrency, emphasizing that the crypto sector has been targeted by what he called a “misguided war on crypto.” He underscored that Ripple’s strategy during this election cycle is bipartisan, noting that the company will continue to engage with both Democrats and Republicans to advocate for policies promoting blockchain and crypto innovation. In his message, Garlinghouse made it clear that Ripple’s focus is not on party allegiance but on advancing pro-crypto policies that foster growth and innovation in the sector.
I respect Chris’ (and everyone’s!) right to support whomever they think is best to lead the U.S. We need to immediately change course from this administration’s misguided war on crypto. Ripple will continue to engage with both Democrats and Republicans in the final days of…
— Brad Garlinghouse (@bgarlinghouse) October 21, 2024
In the Massachusetts Senate debate on October 15, Senator Elizabeth Warren and Republican challenger John Deaton clashed over crypto regulation. Warren accused Deaton of being overly influenced by the crypto industry, pointing out that 90% of his campaign funding comes from crypto sources. She raised concerns that Deaton would favor his “crypto buddies” if elected and reiterated her stance that digital assets are a threat to financial stability, often being used for illegal activities like money laundering. Warren highlighted her anti-money laundering bill, which would regulate miners and wallet providers.
Deaton, known for his role in the SEC vs. Ripple lawsuit, defended the crypto industry, framing it as a tool for financial independence. He shared how Bitcoin helped his mother escape predatory banking fees, positioning crypto as a solution for marginalized individuals. Deaton also sarcastically credited his advocacy for XRP holders as influencing Chris Larsen’s $1 million donation to Kamala Harris’ campaign, stating, “Madam Vice President, you’re welcome.”
The debate heated up as Deaton accused Warren of prioritizing her “anti-crypto army” over tackling economic issues like inflation. Warren, however, doubled down on her call for stronger regulations, emphasizing consumer protection from volatility and fraud while also citing the environmental impact of crypto mining as a national security threat.
