The post Ripple’s Chris Larsen Donates $1 Million to Harris PAC appeared on BitcoinEthereumNews.com.

Chris Larsen, co-founder and chairman of Ripple, has donated $1 million worth of XRP tokens to Future Forward, a super PAC backing Vice President Kamala Harris’s presidential campaign. Larsen’s support for Harris isn’t entirely new. Earlier this year, he contributed $6,600 directly to her campaign and $100,000 to the Harris Action Fund PAC. In total, he’s given around $1.9 million to support her through various channels. His comfort with Harris stems from personal conversations and observing her actions since she became the Democratic nominee in July. Being from the Bay Area, Harris has a deep understanding of the tech world. Larsen believes she “gets it at a fundamental level,” referring to the innovation economy. He contrasts this with the previous administration’s approach, suggesting that they didn’t fully grasp the connection between empowering workers and fostering industry leaders. Larsen, 64, has an estimated net worth of $3.1 billion, mainly from his involvement with Ripple and ownership of XRP. His support for Harris indicates a warming relationship between parts of the crypto industry and the Democratic Party, which could have significant implications for future regulations and policies. A Shift from Traditional Crypto Political Contributions Historically, the crypto industry has funneled significant funds into Republican campaigns. Nearly half of all corporate money in the current election cycle has come from crypto companies, with a large portion supporting Republicans or opposing Democrats, according to a recent report by Citizen. Donald Trump has received over $4 million in virtual tokens, and he even headlined a major Bitcoin conference in Nashville in July. Larsen’s decision to back Harris suggests a desire for a “more pragmatic approach and clear rules” in the crypto space. He contrasts Harris’s potential policies with the current stance of SEC Chair Gary Gensler, whom he accuses of creating “purposeful chaos” in the…

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Filed under: News - @ October 16, 2024 5:17 am