Ripple co-founder Chris Larsen has pledged $10 million in XRP to support Vice President Kamala Harris’s presidential campaign. Larsen has made previous donations to Future Forward, a super political action committee (PAC) backing Harris, including $10 million in cash and $1 million in XRP earlier this year.
This latest contribution has sparked a discussion within the crypto community, given the company’s general support for Republican candidates.
Chris Larsen’s $10M Donation to Kamala Harris PAC
Larsen’s donation to Harris comes when Ripple’s lobbying efforts have favored mainly Republican candidates. Ripple has lobbied for cryptocurrency policies in the U.S., and its executives, like Chief Legal Officer Stuart Alderoty, have given large sums to Republican candidates.
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Ripple also contributed over $300,000 to the Trump campaign and supported John Deaton, a Republican who ran against Senator Elizabeth Warren in Massachusetts.
While the company has a Republican donor track record, questions have been raised by Larsen’s endorsement of Harris, particularly her perceived cold shoulder towards a crypto-centric America as Vice President.
However, Ripple CEO Brad Garlinghouse defended Larsen’s right to donate politically and asserted that crypto policies should be bipartisan. The growing importance of cryptocurrency issues in the coming 2024 U.S. presidential election has been spotlighted by this donation.
Crypto Policies Drive Voter Decisions in 2024
With the US 2024 presidential race heating up, crypto policies are essential for many voters. A recent survey reveals that as many as one out of seven voters in the US now consider a candidate’s stands on crypto to be a critical consideration in their current ballot choices.
The Digital Chamber and Consensys data all match this bipartisan worry because Democrats and Republicans both think elected officials should provide the crypto industry support.
While shocking to some, Larsen’s donation to Harris isn’t exactly out of left field, as the bubbles of bipartisan involvement in crypto policy are growing. Consensys data found that 33% of voters would back Harris if she adopted a more pro-crypto stance.
Ripple’s leadership appears to be talking to candidates from major political parties as they try to persuade counterparts who may otherwise find their fintech way of doing bank transfers unacceptable.
Ripple Seeks Pro-Crypto Regulatory Outcomes in Election
The actions taken by Ripple represent yet another element of the industry’s concerted efforts within the Washington Beltway to influence policymaking. Political campaigns are getting a taste of the crypto money, and crypto leaders want their millions flowing in to help ensure their preferred regulatory outcome.
It’s part of a larger strategy by Ripple to provide a voice for the crypto community within the political arena, including supporting candidates like John Deaton, who squares off against Senator Warren’s stance on the crypto.
Ripple will engage with Democrats and Republicans, so long as engaging will encourage blockchain innovation, Garlinghouse has made clear. This is an overall industry aim to push pro-crypto policies irrespective of party alignment during the tail end of the presidential campaigns.
The crypto debate is shaping up to be an important subject in the lead-up to the election — as well as something the candidates and the voters are making a big part of the platform.
Disclaimer
The information provided in this article is only for educational and informational purposes and should not be considered financial or investment advice. We are not licensed financial advisors. Always conduct your research and seek guidance from a certified financial professional before making any investment decisions.
