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Monday, October 21st, 2024 6:20 pm EDT
Key Points
- Chris Larsen’s Contributions to Kamala Harris’s Campaign: Ripple’s co-founder and chairman, Chris Larsen, has donated over $11.8 million to PACs supporting Kamala Harris’s presidential campaign, making him one of the largest crypto industry donors in this election cycle.
- Larsen’s Support for Harris: Larsen’s backing for Harris is driven by her understanding of the innovation economy, particularly given her Bay Area roots, and his belief that she better understands the connection between empowering workers and strengthening American industries compared to Biden’s administration.
- Crypto Industry’s Growing Political Influence: The cryptocurrency sector has become increasingly prominent in political fundraising, contributing around $190 million for the 2024 election cycle, with over $130 million already spent on congressional races, favoring both Republican and Democratic candidates.
Chris Larsen, the co-founder and chairman of Ripple, has become one of the largest individual donors from the cryptocurrency industry this election cycle, contributing over $11.8 million to political action committees (PACs) supporting Vice President Kamala Harris’s presidential campaign. This includes nearly $9.9 million to Future Forward in September and more than $800,000 to the Harris Victory Fund, alongside a $1 million donation in XRP tokens in August. Larsen, whose net worth is estimated at $3.1 billion primarily from his involvement in Ripple and ownership of XRP, has been increasingly involved in political fundraising, becoming a key figure in the burgeoning intersection of the crypto industry and politics.
Larsen’s support for Harris stems from his belief that she understands the innovation economy, particularly due to her background in the Bay Area. He expressed that Harris, unlike President Joe Biden’s administration, has a fundamental grasp of how empowering workers and fostering American champions in industries like blockchain and cryptocurrency are crucial for the economy’s future. His financial backing for Harris began in February when he contributed $6,600 to her campaign and an additional $100,000 to the Harris Action Fund PAC, months before she became the Democratic presidential nominee.
The growing influence of the cryptocurrency sector in political campaigns has been significant this cycle, with crypto-related donations becoming more prominent, especially for Republican candidates. According to Public Citizen, a nonprofit watchdog group, nearly half of all corporate money flowing into the 2024 election has come from the crypto industry. Larsen’s contributions, however, represent substantial support for the Democratic side, as many other crypto donors have leaned towards Republican candidates, such as the Trump PAC, which has raised about $7.5 million in crypto donations since June.
Fairshake, one of the top-spending PACs this year, has been heavily involved in close House races, spending nearly $29 million in September alone. Of this amount, $15 million went to Defend American Jobs PAC, which focuses on cryptocurrency and blockchain policy and has largely supported Republican candidates. An additional $5 million was given to Protect Progress, a PAC that supports Democratic candidates. Fairshake’s spending has been concentrated on competitive House races, particularly in New York, Nevada, and California, where several races are considered toss-ups. Notably, Southern California Republicans David G. Valadao and Michael Garcia, both in tightly contested races, received $1.3 million and $1 million, respectively.
In total, political donations from the cryptocurrency sector for the 2024 election cycle have reached around $190 million, with over $130 million already spent on congressional races, including primaries. This marks a significant increase in political engagement from the crypto industry, underscoring its growing influence in shaping policy and regulation around cryptocurrency and blockchain technology.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/10/21/ripple-founder-has-given-more-than-11point8-million-to-harris-campaign.html
