Ripple Co-Founder donates $10 million cash to Kamala Harris’ Presidential Campaign

Co-founder of Ripple Chris Larsen sent significant sums of money to Future Forward last month, a super PAC that backs Vice President Kamala Harris. Larsen gave the PAC $9.89 million in cash in three different donations. Additionally, evidence indicates that a $1 million XRP donation was made in August, bringing the total donation to over $10 million.

 

Larsen’s contributions have exploded at a pivotal juncture, as the 2024 election cycle caps a stake on crypto regulation. Even if his donation seems to be an attempt to support a candidate, it’s still unclear what his true motivations are.

Speculation heightened that Kamala Harris may have met Chris Larsen to talk about her plans for cryptocurrency in the future. While Republican opponent Donald Trump vows to shield the cryptocurrency business from governmental actions, Harris has committed to encouraging cutting-edge technology like artificial intelligence (AI) and digital assets, because cryptocurrencies will likely be a major topic in the 2024 U.S. elections.

Larsen’s Ripple and the U.S. Securities and Exchange Commission (SEC) continue their legal struggle. as both sides appeal a previous August verdict This donation emphasizes Larsen’s open support of Harris as a pro-innovation candidate and illustrates the increasing significance of cryptocurrency in US political elections.

This donation, however, is the subject of intense social debate and has drawn criticism from cryptocurrency fans who believe the Biden-Harris administration, along with its nominated SEC chief Gary Gensler, have unfairly attacked the sector in general and Ripple Labs in particular.

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Olumide Adesina
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.
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