Chris Larsen, co-founder of Ripple, has donated an additional $10 million in XRP to support Vice President Kamala Harris’s campaign. This move solidifies him as one of the top individual donors from the crypto industry in this election cycle, particularly as Harris gears up for her race against former President Donald Trump in the upcoming election.
Larsen’s donation highlights his personal commitment to Harris’s campaign, but it also reflects broader political engagement within the crypto industry. Over $200 million has been funneled into Fairshake, a super Political Action Committee (PAC) that distributes funds across both major political parties, demonstrating the industry’s diverse political affiliations.
In a tweet, Larsen expressed his confidence in Harris, saying:
“It’s time for the Democrats to have a new approach to tech innovation, including crypto. I believe @KamalaHarris will ensure that American technology dominates the world, which is why I’m donating $10M in XRP in support of her.”
Federal Election Commission records reveal that Larsen had previously donated $1.75 million to a Democratic-aligned PAC. Additionally, he contributed $1 million to Pennsylvania’s Democratic Governor Josh Shapiro in December 2023.
Ripple’s Larsen Bets on Harris for ‘Pragmatic’ Crypto Regulations
Larsen has been vocal about his belief that Harris would adopt a “more pragmatic approach and clear rules” regarding crypto regulation. This stance contrasts with SEC Chair Gary Gensler’s aggressive enforcement actions against the crypto industry, particularly Ripple. Gensler’s tough stance has led many in the crypto sector to shift their support toward Trump.
In January 2024, Ripple CEO Brad Garlinghouse criticized Gensler, calling him a “political liability,” and suggesting that the current administration’s policies are harmful to the crypto industry.
“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,” Garlinghouse said on X (formerly Twitter).
SEC Continues Legal Fight Against Ripple
Ripple’s legal battle with the SEC began before President Joe Biden’s 2020 inauguration when the SEC charged Ripple, Larsen, and Garlinghouse for violating securities laws by selling unregistered digital tokens, which the SEC considers securities. While the charges against Larsen and Garlinghouse were dropped, Ripple continues to contest the securities violation claims.
Recently, the SEC filed an appeal notice, prolonging the legal confrontation, and Ripple remains entangled in this high-profile litigation.
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