Ripple Co-Founder Chris Larsen Pledges $10M in XRP to Support Kamala Harris's Presidential Campaign

Larsen's donation to Harris comes when Ripple's lobbying efforts have favored mainly Republican candidates.

Ripple co-founder Chris Larsen has donated $10 million in XRP to Vice President Kamala Harris’s presidential campaign, sparking discussion within the crypto community.

Larsen's donation to Harris comes as Ripple's lobbying efforts have largely favored Republican candidates. Ripple has lobbied for cryptocurrency policies in the U.S., and its executives, such as Chief Legal Officer Stuart Alderoty, have donated heavily to Republican candidates.

Ripple also contributed over $300,000 to the Trump campaign and backed John Deaton, a Republican who ran against Senator Elizabeth Warren in Massachusetts.

Given the company's Republican donor history, Larsen's support for Harris, who has been perceived as less enthusiastic about a crypto-centric America during her time as Vice President, has raised eyebrows.

However, Ripple CEO Brad Garlinghouse defended Larsen's right to donate and stated that cryptocurrency policies should be supported by both parties. This donation highlights the increasing significance of cryptocurrency issues in the upcoming 2024 U.S. presidential election.

Crypto Policies Influence Voter Decisions in 2024

As the U.S. 2024 presidential race heats up, crypto policies are becoming a key issue for many voters. A recent survey found that nearly one in seven U.S. voters now consider a candidate's stance on crypto to be a major factor in their current ballot choices.

According to data from the Digital Chamber and Consensys, both Democrats and Republicans overwhelmingly believe that elected officials should support the crypto industry.

While Larsen's donation to Harris may surprise some, it's not entirely unexpected given the growing involvement of both parties in crypto policy. According to Consensys, 33% of voters would support Harris if she adopted a more pro-crypto stance.

As Ripple's leadership engages with candidates from both major political parties, they are attempting to sway those who might otherwise be opposed to their fintech approach to banking.

Ripple Aims for Pro-Crypto Regulatory Outcomes in Election

Ripple's actions are part of a broader push by the industry in Washington, D.C., to influence policy. Political campaigns are being infused with crypto cash, and crypto leaders are eager to use their millions to secure their desired regulatory outcomes.

It's part of a larger effort by Ripple to give the crypto community a voice in the political arena, which has also included supporting candidates like John Deaton, who is challenging Senator Warren's stance on crypto.

Ripple will engage with both Democrats and Republicans, as long as those interactions will foster blockchain innovation, Garlinghouse has said. This is a common industry goal to advance pro-crypto policies regardless of party affiliation during the final stretch of the presidential campaigns.

The crypto debate is set to become a major talking point in the lead-up to the election — and something candidates and voters alike are making a central part of their platforms.

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