Ripple Co-Founder Fuels Kamala Harris’ Election Fund with $11M Donation

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated:

October 22, 2024 00:32 EDT

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Ripple co-founder Chris Larsen has donated an additional $10m in XRP to back Vice President Kamala Harris. This positions him as a top individual donor in the crypto industry for this election cycle.

His contribution is intended to boost Harris’s campaign as she faces off against former President Donald Trump in next month’s election.

While Larsen’s significant donation underscores his personal commitment, the broader crypto industry shows diverse political support. The industry has funneled over $200m into Fairshake, a super Political Action Committee that distributes funds across both major parties, reflecting its wide-ranging political alignment.

Federal Election Commission data shows Larsen previously donated $1.75m to the Democratic party-aligned PAC. He also contributed $1m to Pennsylvania’s Democratic Governor Josh Shapiro last December.

Ripple’s Larsen Bets on Harris for ‘Pragmatic’ Crypto Regulations

Larsen has earlier told CNBC about his confidence in Harris, saying she would bring a “more pragmatic approach and clear rules” to the crypto sector. This contrasts with SEC Chair Gary Gensler’s strict enforcement actions. Gensler’s stance, particularly against Ripple, has pushed many in the crypto sector to support Trump.

In January, Ripple CEO Brad Garlinghouse, who has made contributions to politicians from both parties, openly labeled SEC Chair Gary Gensler as a “political liability.”

“I respect Chris’ (and everyone’s!) right to support whomever they think is best to lead the U.S,” Garlinghouse said on X.

“We need to immediately change course from this administration’s misguided war on crypto.”

SEC Extends Legal Fight with Ripple

Before President Joe Biden’s 2020 inauguration, the SEC charged Ripple, along with Garlinghouse and Larsen, for violating securities laws by operating as unregistered brokers of digital tokens, which the SEC classifies as securities.

Though the SEC dropped charges against the executives, Ripple continues to challenge securities violations claims, and the legal battle remains ongoing.

Recently, the SEC filed an appeal notice, further extending its long-running litigation against Ripple.