Chris Larsen, co-founder and Executive Chairman of Ripple, has pledged an additional $10 million in XRP to support Vice President Kamala Harris in her upcoming election, as she faces off against former President Donald Trump. This donation is part of Larsen's effort to promote Harris as the Democratic candidate. In a recent posting, Larsen expressed his support for Harris, stating that it is time for the Democrats to adopt a new approach to tech innovation, including cryptocurrency, and that Harris will ensure American technology dominates globally. According to Federal Election Commission records, Larsen had previously donated $1.75 million to the Future Forward PAC and has also contributed hundreds of thousands of dollars to Democratic congressional campaigns.
Although significant, Larsen's donations are overshadowed by the broader crypto industry's campaign involvement, led by the super PAC Fairshake, which has dominated the sector's election involvement with $169 million in donations. Many industry leaders have come out in support of their preferred presidential candidates, with some pro-Trump crypto figures including Tyler and Cameron Winklevoss, Kraken co-founder Jesse Powell, and venture capital giant a16z's leaders, Marc Andreessen and Ben Horowitz. However, Horowitz has also declared his intention to make a significant donation to entities supporting the Harris campaign due to a longstanding friendship.
The majority of donations from crypto leaders like Larsen are being directed to super PACs, which can accept unlimited funds and make independent expenditures on advertising that supports a candidate, as long as they do not coordinate with the campaign.