Ripple CTO Defends Fairshake PAC’s Bipartisan Strategy

• Ripple CTO David Schwartz defends Fairshake PAC against accusations of partisanship.
• Schwartz criticizes both major U.S. political parties while commenting on Chris Larsen’s donations to Kamala Harris.
• Larsen has contributed over $11.8 million to fund Harris’s campaign.

On October 22, Ripple CTO David Schwartz addressed criticism surrounding Fairshake PAC, a group funded by Ripple and other pro-crypto contributors. He clarified the PAC’s approach of supporting both Democratic and Republican candidates, aiming to encourage a more crypto-friendly environment, rather than aligning with any political party.

He explained that the PAC’s goal is to encourage parties to shift their positions rather than to support any particular party. 

The overall strategy focuses on ensuring that political candidates are pro-crypto to create a favorable regulatory environment rather than concentrating on party affiliation.

Schwartz Weighs in on Chris Larsen’s Support for Kamala Harris

Amid the conversation, X user Mortimer inquired about Schwartz’s view on Ripple’s chairman Chris Larsen’s alignment with Democrats.

“I’m sympathetic. Trump is incompetent and self-obsessed. Kamala is just a normal Democrat. (As Pence is a normal Republican awful),” he replied. Schwartz’s comments underscored his dissatisfaction with both major U.S. political parties.

Notably, this comment came after Larsen emerged as one of the top crypto donors in the 2024 election cycle. According to FEC data compiled by crypto market and blockchain analyst James Delmore and independently verified by CNBC, Larsen contributed $10 million in XRP to Future Forward in September and $800,000 to the Harris Victory Fund.

Larsen’s donations didn’t stop there. In August, he contributed $1 million worth of XRP tokens, bringing his total to over $11.8 million to support PACs backing Kamala Harris.

Crypto PACs Gain Power in 2024 Elections

With crypto-backed PACs like Fairshake accumulating over $102 million in funding for the 2024 elections, their influence continues to grow. Of this amount, over $54 million came from corporate donations from companies like Ripple Labs and Coinbase, made possible by the Citizens United ruling.

Crypto billionaires like Brian Armstrong and the Winklevoss twins have also donated millions as the PAC seeks to advance pro-crypto policies in battleground states like Ohio and Montana.