Chris Larsen, co-founder and chairman of Ripple, has made waves by contributing another $10 million in XRP to Vice President Kamala Harris’s presidential campaign, adding to the $1 million he donated just two months ago. 

This initial donation was the first major crypto contribution to Harris’s campaign. Larsen’s financial backing has been steady, with previous donations of $6,600 to her campaign and $100,000 to the Harris Action Fund PAC earlier this year. With these latest contributions, Larsen has funneled more than $11 million into Harris’s campaign, cementing his position as one of her biggest supporters.

In a post on X, Larsen emphasized his belief in Harris’s ability to drive American leadership in technology, particularly in the crypto space. He stated, “It’s time for the Democrats to embrace a new approach to tech innovation, including crypto. I believe Kamala Harris will ensure American technology leads on the world stage.” 

Source: X

Larsen’s endorsement of Harris over other candidates stems from his belief that she better understands the tech sector and its impact on the economy, a view he attributes to her Bay Area background. Larsen feels that Harris offers insights into innovation that Trump’s administration overlooked.

Ripple CEO Brad Garlinghouse backed Larsen’s views in a comment on the post, noting the need to move beyond party lines and support policies that foster blockchain and crypto innovation. Garlinghouse echoed that Ripple would work with both Democrats and Republicans to push for pro-crypto policies, adding, “It’s not about party, it’s about driving forward-thinking policies that will support the crypto industry.”

Crypto Donations Increase

Crypto donations have gained significant traction this election cycle, with nearly half of corporate political contributions coming from the crypto sector, totaling around $190 million. Larsen, a longtime supporter of both Democrats and Republicans, contributed close to $9.9 million to Future Forward in September and over $800,000 to the Harris Victory Fund. According to FEC data analyzed by crypto market expert James Delmore and verified by CNBC, his total crypto donations exceed $11.8 million, making him one of the largest individual donors in the crypto space this election cycle.

Larsen explained in an interview with CNBC that his support for Harris stems from conversations he’s had with those inside her campaign and his observations of her since she took the lead on the Democratic ticket. He credits her Bay Area roots and deep ties to the innovation economy, stating, “She fundamentally gets it in a way that Biden’s team didn’t. They just didn’t make the connection between empowering American workers and fostering industry leaders.”

While the crypto industry has traditionally leaned toward supporting Republican candidates, particularly through PACs, the sector’s involvement in political funding is growing across party lines. Public Citizen, a nonprofit watchdog, reported that $7.5 million in crypto donations had flowed to Trump’s PAC since June. Meanwhile, Fairshake, a prominent PAC, distributed nearly $29 million in September, with $15 million going to the Defend American Jobs PAC, which focuses on cryptocurrency and blockchain policy, favoring Republicans, and $5 million to Protect Progress, supporting Democrats. As the 2024 election cycle heats up, political donations from the crypto sector have reached $190 million, with $130 million already spent on congressional races. This influx of crypto cash is shaping up to be a major factor in the upcoming elections.

Conservative Voters Less Likely to Own Crypto

A recent GrayScale survey shows voters are evenly split on which political party handles crypto policy better. Around 27% of respondents view Democrats as more supportive of innovation in the crypto space, while 25% believe Republicans are the party to advance crypto-friendly policies. However, conservative voters are less likely to own crypto assets.

Source: GrayScale