Chris Larsen, the co-founder of Ripple, has made headlines with his substantial contribution of $1 million in XRP to the Future Forward PAC, a political action committee dedicated to supporting Vice President Kamala Harris’s presidential bid. This donation marks a significant milestone, as it represents the first cryptocurrency contribution received by Harris since launching her campaign.
The donation, made on August 14, consisted of approximately 1.7 million XRP tokens. Future Forward PAC reported that the funds were deposited into a “non-contribution account,” allowing for compliance with campaign finance regulations. To mitigate the inherent volatility of the cryptocurrency market, the PAC utilized Coinbase Commerce to convert the XRP into stablecoin promptly.
Larsen’s donation aligns with Ripple’s broader objective of backing pro-cryptocurrency candidates in the current electoral landscape. Over the years, Ripple has committed millions of dollars to various political initiatives.
This support from Larsen comes at a crucial juncture for Ripple, as the company continues to navigate its ongoing legal dispute with the Securities and Exchange Commission (SEC). The litigation, which began in 2020, remains unresolved, with both Ripple and the SEC appealing recent court rulings that followed an August judgment.
Larsen’s endorsement of Harris carries significant weight, particularly in light of the increasing role of cryptocurrency in political discourse. His backing may suggest a strategic alignment with political leaders who have the potential to influence the regulatory framework for digital assets in the United States.
Future Forward PAC has garnered over $200 million in funding from notable figures, including former New York City Mayor Michael Bloomberg and venture capitalist Reid Hoffman. In addition to Larsen’s contribution, more than 87 corporate executives have publicly endorsed Harris, expressing confidence in her ability to maintain a stable regulatory environment for the cryptocurrency sector.
As the November 5 election date approaches, the role of cryptocurrency has emerged as a critical issue in the political arena. Kamala Harris has indicated her support for the integration of new technologies, including digital currencies, within her economic strategy.
Conversely, her opponent, Donald Trump, has vowed to halt what he describes as an “unlawful and un-American crackdown” on the U.S. crypto industry, positioning himself as a proponent of the sector.
Both candidates are anticipated to address the topics of cryptocurrency regulation and consumer protection as they advance their campaigns.
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