Ripple co-founder donates $1 million XRP to Kamala Harris campaign PAC

Ripple co-founder Chris Larsen has donated $1 million in XRP tokens to Future Forward PAC, a political action committee supporting Vice President Kamala Harris’ presidential campaign. 

According to Federal Election Commission filings, the donation, made on August 14, was provided in the form of 1.7M XRP tokens.

This contribution marks the first crypto donation to Harris’ campaign, as reported by Fox Business. Future Forward PAC, which accepts crypto donations through Coinbase Commerce, automatically converts contributions into the stablecoin USDC to minimize volatility. 

The PAC has raised over $200 million in total, with significant contributions from prominent figures like former New York City Mayor Michael Bloomberg, venture capitalist Reid Hoffman, and the crypto exchange Coinbase.

Larsen’s public endorsement of Harris comes at a crucial time for Ripple, which continues its legal battle with the SEC. The conflict began in 2020, with both sides appealing recent rulings from a final judgment issued in August. 

Ripple’s ongoing litigation with the SEC, coupled with the rising influence of crypto in political discourse, adds significance to Larsen’s backing of Harris.

As the 2024 presidential election approaches, crypto has become a central issue for both Democratic candidate Kamala Harris and Republican candidate Donald Trump.

Harris recently indicated that, according to her economic plan, her administration would support innovative technologies like artificial intelligence and digital assets.

Meanwhile, Trump has promised to end what he describes as an “unlawful and un-American crackdown” on the US crypto industry, presenting himself as a pro-crypto candidate.

As November 5 nears, both candidates are expected to further address the impact of crypto on the economy, regulation, and consumer protection, with Larsen’s support of Harris likely to influence the industry’s stance on the upcoming election.