Ripple’s Executive Chairman, Chris Larsen, donated 1 million worth of XRP to a Democratic-aligned political action committee supporting Vice President Kamala Harris.
Larsen’s endorsement of Kamala comes at a time when Ripple is still mired in a protracted lawsuit with the unfriendly U.S. SEC.
Ripple’s Chris Larsen Endorses Kamala Harris
According to a Federal Election Commission filing released this week, Larsen donated 1,754,815.29 XRP, valued at approximately $1 million, on August 14. The funds were funneled to Future Forward PAC, which accepts crypto donations on behalf of the Harris-Walz 2024 presidential campaign.
Per its official website, Future Forward USA PAC works with Coinbase Commerce — a platform that immediately converts the user’s chosen currency into the USDC stablecoin to avoid extreme price swings.
Fox Business reporter Eleanor Terrett noted that Larsen’s donation marks the first documented cryptocurrency contribution to the Harris-Walz campaign.
Notably, Larsen’s support may be surprising for some crypto watchers. Ripple has been locked in a four-year legal battle with the U.S. Securities and Exchange (SEC) after the regulator sued the blockchain firm for allegedly selling XRP in an unregistered securities offering. Crypto’s bête noire Gary Gensler, who Ripple CEO Brad Garlinghouse has labeled a “political liability, was appointed to chair the SEC by the Biden-Harris administration in 2021.
While a U.S. judge has made it clear that XRP is not a security, the case is open with Ripple recently filing a cross-appeal to the SEC’s controversial appeal. In the meantime, the Wall Street regulator is standing by its claim that XRP is a security.
Harris Or Trump?
Crypto has quickly become a defining force in U.S. politics ahead of the hotly contested election in November. Endorsements and donations have poured in after Harris signaled her presidency would pivot and ditch Biden’s crypto-hostile stance.
Following industry pressure and outreach, Democratic presidential frontrunner Harris indicated last month that her administration would encourage innovative technologies such as AI and digital assets while safeguarding consumers. A couple of days later, Harris promised to keep the United States dominant in blockchain while giving a speech at The Economic Club of Pittsburgh.
Meanwhile, Harris’ Republican rival Donald Trump has jumped with both feet into crypto — calling for the U.S. to be a Bitcoin mining powerhouse, for the appointment of a crypto-friendly SEC chairman, the formation of a national strategic BTC reserve, and a crypto advisory council to the President. The former president has been very vocal about making America the “Bitcoin and crypto capital of the world,” and has basically mentioned digital assets in every policy speech he has made.
