Ripple Labs co-founder Chris Larsen has made another significant donation to support Vice President Kamala Harris in her bid for the U.S. presidency. Larsen recently contributed $10 million in XRP, the cryptocurrency created by Ripple, to Future Forward, a prominent Democratic PAC aligned with Harris.
Crypto Donations Surge Ahead of U.S. Election
As the U.S. election draws near, political donations from the crypto industry are pouring in. Larsen’s contribution adds to the growing influence of digital assets in the political sphere. XRP, currently the seventh-largest cryptocurrency by market capitalization, is playing a pivotal role in these contributions.
Ripple confirmed that the $10 million donation was a personal one from Larsen. The New York Times first reported the donation, highlighting the significant fundraising efforts of Harris’ campaign and its affiliated organizations. Larsen later tweeted, affirming the report and noting that the donation was made in XRP.
Larsen emphasized the need for the Democratic Party to adopt a fresh approach toward technology, especially cryptocurrencies. He expressed confidence that Kamala Harris would ensure the U.S. maintains its leadership in global tech innovation.
Previous XRP Contributions from Larsen
This isn’t Larsen’s first donation to Future Forward. Earlier in August, an FEC filing revealed that he had donated 1.75 million XRP, worth $1 million at the time. Ripple confirmed that this earlier contribution is separate from the recent $10 million donation.
Larsen’s history in the crypto space is notable—he co-founded Ripple to simplify cross-border transactions for businesses. Though Ripple uses XRP for its services, the company and the digital asset remain independent entities.
Ripple’s Legal Battle with the SEC
Ripple has had a turbulent relationship with U.S. regulators, particularly the Securities and Exchange Commission (SEC). The company faced a $1.3 billion lawsuit in 2020 over allegations of selling unregistered securities through XRP. However, in a landmark decision last year, a judge ruled that XRP sales on exchanges to retail investors were not classified as securities, marking a partial victory for Ripple and the broader crypto industry.
While the judge found that institutional sales of XRP, valued at $728 million, did constitute unregistered securities, the ruling was still largely seen as favorable for Ripple. The company continues its legal battle with the SEC, which is now in the appeals phase.
Ripple CEO Responds to Larsen’s Donation
Ripple Labs CEO Brad Garlinghouse also weighed in on Larsen’s latest donation, expressing respect for Larsen’s support of the candidate. Garlinghouse emphasized the company’s commitment to promoting pro-crypto policies, regardless of party affiliation.
In a tweet, Garlinghouse noted the ongoing regulatory challenges faced by Ripple and called for a shift in the current administration’s stance on cryptocurrencies. He stressed that Ripple would continue engaging with both Democrats and Republicans to advance blockchain innovation in the U.S.
Crypto in the Political Landscape
As election day approaches, crypto’s role in politics is becoming more prominent. Republican candidate Donald Trump has positioned himself as the more crypto-friendly option, drawing significant financial support from the industry. Meanwhile, the Harris campaign has recently begun outlining its approach to fostering the crypto ecosystem in the U.S.
With the growing influence of digital assets in politics, donations like Larsen’s demonstrate the increasing intersection between the crypto world and U.S. elections.
