Chris Larsen, co-founder of Ripple Labs, has made a major political contribution by donating nearly $10 million to Vice President Kamala Harris's presidential campaign. With this donation, he joins the ranks of the top individual donors in the cryptocurrency sector this election cycle and indicates his support for the cryptocurrency regulation Harris believes is more sensitive.
Larsen's substantial contribution comes at a critical time as Harris competes against former President Donald Trump in the upcoming election. His financial backing is part of a broader trend of heavy political investments by the crypto community, with over $200 million poured into various campaigns and PACs supporting both major parties.
The cryptocurrency industry's political contributions reflect a diversity of support across the political spectrum. While Larsen backs Harris, other prominent figures in the crypto space have supported Trump, who is favoured by many for his critical stance against current SEC Chair Gary Gensler. Gensler's strict regulations have driven a wedge between him and significant segments of the crypto community.
Despite the division, the total contributions from the crypto sector have been substantial. The Federal Election Commission reports revealed that they are donated to affect the presidential campaign and numerous congressional contests nationwide. This includes funds such as those contributed through active PACs, such as the Fairshake, which exercises extensive contributions to enhance the chances of candidates from both the Democratic and Republican parties, especially in fiercely competitive races.
Larsen's political contributions extend beyond the presidential race. His donations have significantly impacted PACs involved in key House races, demonstrating the growing influence of the crypto industry in American politics. For instance, PACs linked to his donations have funnelled millions into significant races in states like New York, California, and Nevada.