Chris Larsen, co-founder of Ripple, has made a significant political statement by donating $1 million in XRP to Vice President Kamala Harris’s presidential campaign. According to Federal Election Commission (FEC) filings, the donation was made on August 14 to Future Forward PAC, a political action committee supporting Harris. The contribution was categorized as a non-liquidated in-kind donation of 1,754,815.29 XRP.
Chris Larsen’s XRP Donation: A New Frontier in Campaign Finance
Future Forward PAC, which utilizes Coinbase Commerce to convert digital assets into USDC, received Larsen’s donation in what has been identified as the first major crypto contribution to Harris’s campaign, as reported by Fox Business journalist Eleanor Terrett.
Growing Crypto Influence in the 2024 Election
As of August 31, Future Forward PAC had accumulated over $200 million in contributions, according to Open Secrets data. High-profile donors include former New York City Mayor Michael Bloomberg, venture capitalist Reid Hoffman, and cryptocurrency exchange Coinbase.
Initially backing President Joe Biden’s reelection efforts, the PAC has now shifted its support toward Harris’s campaign. The political influence of the crypto industry continues to expand, with Tether co-founder Phil Potter also contributing nearly $500,000 to the Commonwealth Unity Fund (CUF), a super PAC supporting Jonathan Deaton in his race against Senator Elizabeth Warren.
Cryptocurrency’s Role in the U.S. Election
The role of cryptocurrency in the upcoming 2024 election is becoming increasingly prominent. Last month, Harris outlined her administration’s vision for digital assets in an 80-page economic plan, highlighting a balanced approach that supports technologies like AI and blockchain while ensuring robust consumer protection.
On the other hand, Republican candidate Donald Trump has promised to end what he calls an “unlawful crackdown” on the U.S. cryptocurrency sector, signaling a more pro-crypto stance.
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