Chris Larsen, the co-founder and executive chairman of Ripple Labs, has made a $1 million donation in XRP to support U.S. Vice President Kamala Harris’ 2024 presidential campaign. This donation was made to Future Forward USA, a political action committee (PAC) backing Harris's bid for the presidency.
The Details of the Donation
Chris Larsen’s contribution amounted to 1.75 million XRP tokens, valued at $1 million at the time of the donation. It was made in partnership with Future Forward USA, a super PAC that has raised over $200 million to support Harris and other Democratic candidates.
According to Federal Election Commission (FEC) filings, the donation was made through Coinbase Commerce, which converted the XRP into the stablecoin USDC to minimize market volatility.
Larsen’s donation is not his first political contribution. In fact, he has supported Harris with a total of $1.9 million during this election cycle, showcasing his dedication to her presidential ambitions.
Ripple's Ongoing Legal Battles and Political Strategy
Chris Larsen has been vocal about his support for clear and fair regulations in the crypto industry. He views Harris as a candidate who will promote such policies that could help stabilize the regulatory environment for businesses like Ripple.
"With Kamala Harris in the White House, the business community can be confident that it will have a President who wants American industries to thrive," Larsen and other business leaders wrote in a September 2024 letter, advocating for Harris as a pro-business and innovation-friendly candidate.
Larsen’s involvement in Harris' campaign also comes amid Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC has been embroiled in a lawsuit against Ripple since 2020, alleging that XRP was sold as an unregistered security.
While Ripple secured a partial victory in 2023, the case remains ongoing, with both parties filing appeals in recent months. Larsen’s donation could be seen as a strategic move to bolster political support for more favorable crypto policies.
Harris’ Crypto Stance and Future Forward USA PAC
Kamala Harris has historically been more cautious in her approach to cryptocurrency. However, as the crypto community becomes more politically active, her campaign has started to take steps to engage with digital asset enthusiasts.
In response to industry pressure, Harris recently issued her first public statements on the issue, promising to "encourage innovative technologies like AI and digital assets" while maintaining consumer protections. This subtle shift could signal a growing recognition of crypto’s influence on the U.S. economy, especially as her opponent, Donald Trump, has openly embraced the sector, branding himself as the "crypto candidate.”
Future Forward USA, the super PAC that received Larsen’s donation, has been one of the most prominent fundraising arms supporting Harris. In addition to Larsen, the PAC has attracted donations from high-profile figures such as Michael Bloomberg and Reid Hoffman.
By incorporating crypto donations, Future Forward USA is broadening its financial base and appealing to the growing number of voters who support cryptocurrency and digital finance innovations.
Final Notes
Larsen’s XRP donation not only marks a milestone for cryptocurrency in U.S. politics but also shows the increasing role that digital assets are playing in campaign financing.
As political figures look toward the future of the U.S. economy, cryptocurrencies like XRP are becoming an essential part of the conversation.