Chris Larsen Bets Big on Kamala Harris with $1 Million Crypto Donation

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Trent Alan

Author

Trent Alan

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Last updated:

October 11, 2024 17:16 EDT

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Ripple co-founder Chris Larsen made a massive contribution to Vice President Kamala Harris’s presidential campaign, donating $1 million in XRP.

Federal Election Commission filings reveal that Larsen donated on August 14 to Future Forward PAC, a political action committee supporting Harris. The contribution was categorized as a non-contribution account, an in-kind donation of 1,754,815.29 XRP, not liquidated.

Chris Larsen’s XRP Donation: A New Frontier in Campaign Finance

Future Forward PAC utilizes Coinbase Commerce, a platform that converts donated digital assets into USDC.

Fox Business journalist Eleanor Terrett initially reported Larsen’s donation, identifying it as the first crypto contribution to Harris’s campaign.

XRP and the 2024 Election: A Growing Trend?

According to Open Secrets data, as of August 31, Future Forward PAC had amassed over $200 million in contributions.

Prominent donors include former New York City Mayor Michael Bloomberg, venture capitalist Reid Hoffman, and the cryptocurrency exchange Coinbase. The PAC originally supported President Joe Biden’s reelection efforts before shifting its focus to Harris’s campaign.

Additionally, Tether co-founder Phil Potter donated almost half a million dollars to the Commonwealth Unity Fund, a super PAC supporting Jonathan Deaton’s challenge against Senator Elizabeth Warren.

Potter joins other prominent figures in the industry, including individuals associated with Ripple and Gemini Co-Founders Cameron and Tyler Winklevoss twins, who have also contributed to the CUF, which has raised over $2.5 million in support of Deaton thus far.

Cryptocurrency and the U.S Election

Cryptocurrency’s role in the upcoming November 5 election is a rapidly evolving and contentious issue.

Last month, Harris outlined her administration’s approach to digital assets in her 80-page economic plan, emphasizing support for technologies like artificial intelligence and digital assets while ensuring consumer and investor protection.

Republican candidate Donald Trump, meanwhile, has pledged to halt what he calls an “unlawful and un-American crackdown” on the U.S. cryptocurrency industry, signaling a more favorable stance toward the sector.