Ripple Executive Donates $11.8M in XRP to Harris Campaign PAC

TLDR

• Ripple co-founder Chris Larsen donated over $11.8M to support Kamala Harris’s campaign
• $10M in XRP was given to Future Forward PAC, plus $1.75M in previous donations
• Larsen cites Harris’s understanding of tech innovation and Bay Area background
• Crypto industry has become a major political donor, with $190M in total donations
• Future Forward PAC has raised over $200M total to support Harris

Ripple co-founder Chris Larsen has pledged an additional $10 million in XRP to support Vice President Kamala Harris’s presidential campaign, marking one of the largest individual cryptocurrency-based political donations in the 2024 election cycle.

Larsen announced the contribution to Future Forward USA, a super PAC supporting Harris, through a post on X (formerly Twitter) on October 21, 2024. This latest donation brings his total support for Harris-aligned PACs to more than $11.8 million, establishing him as the crypto industry’s biggest individual supporter of the Democratic nominee.

The Ripple executive chairman previously donated $1 million to Future Forward in August, along with $800,000 to the Harris Victory Fund. Federal Election Commission records also show earlier contributions, including a $1,750,000 donation to the PAC and hundreds of thousands of dollars to Democratic congressional campaigns.

“It’s time for the Democrats to have a new approach to tech innovation, including crypto,” Larsen stated on X, adding that Harris “will ensure that American technology dominates the world.”

Larsen, whose net worth is estimated at $3.1 billion according to Forbes, cited Harris’s Bay Area background as a factor in his support.

“She knows people who have grown up in the innovation economy her whole life,” he told CNBC in an interview. “She gets it at a fundamental level.”

The crypto industry has emerged as a significant force in political fundraising for the 2024 election cycle, contributing approximately $190 million total. Nearly half of all corporate money flowing into the election has come from the crypto sector, with over $130 million spent on congressional races.

The super PAC Fairshake has led industry spending with $169 million in donations, primarily funded by Coinbase Inc., Ripple Labs, and Andreesen Horowitz.

In September alone, Fairshake distributed nearly $29 million, with $20 million going to affiliated PACs – $15 million to the Republican-leaning Defend American Jobs PAC and $5 million to the Democratic-supporting Protect Progress.

While Larsen backs Harris, other crypto industry leaders have aligned with former President Donald Trump, including Tyler and Cameron Winklevoss, and Kraken co-founder Jesse Powell. Notably, venture capital leader Ben Horowitz announced plans for “a significant donation” to support the Harris campaign, citing a longstanding friendship.

The Trump PAC has received approximately $7.5 million in crypto donations since early June. Fairshake’s September spending included $8.8 million directed to competitive House races in New York, Nevada, and California, supporting candidates from both parties in close contests.