Chris Larsen, Ripple’s co-founder and chairman, has made another significant donation to support U.S. Vice President Kamala Harris’s presidential ambitions.
In a tweet yesterday, the Ripple chairman announced a donation of $10 million worth of XRP to Future Forward USA, a super PAC (Political Action Committee) supporting Harris.
Explaining the rationale behind the move, Larsen expressed the belief that Harris would ensure American technology maintains global dominance.
He emphasized that the Democratic Party needs to adopt a new approach toward tech innovation, particularly within the crypto sector. With XRP currently priced at $0.5432 per token, this $10 million is equivalent to 18,409,425 (18.4 million) XRP.
Larsen Donates Nearly $10M in Cash to Support Harris’ Presidential Ambition
Prior to Larsen’s announcement, FOX Business journalist Eleanor Terrett claimed that the Ripple chairman donated nearly $10 million in three separate donations last month. The accompanying document shows that Larsen donated $9,899,925 ($9.89 million).
Contrary to Larsen’s claim, Terrett disclosed that the Ripple co-founder made all three donations, totaling nearly $10 million, in cash. According to her, Larsen’s $10 million cash donation is in addition to the $1 million worth of XRP he contributed to Harris’ campaign in August.
🚨NEW: In the month of September, @Ripple co-founder @chrislarsensf gave three separate donations totaling nearly $10M to Future Forward, the super PAC supporting @KamalaHarris. The donations were in cash and made in addition to the $1M $XRP he donated to the PAC in August.… pic.twitter.com/i3gSg3ha5T
— Eleanor Terrett (@EleanorTerrett) October 21, 2024
Crypto Community Shocked
The move shocked many, given that Larsen is throwing his weight behind the reelection of an administration that has been hostile toward crypto. Interestingly, Ripple and Larsen have been at the receiving end of this administration’s hostility toward the industry.
Since December 2020, Larsen and Ripple have endured a multi-year securities lawsuit from the SEC. Although a federal court gave Ripple a partial victory, the SEC is seeking an appellate review to overturn these decisions.
Following the current administration’s aggressive approach toward crypto, most industry stakeholders have heavily backed Donald Trump’s reelection bid. Trump has promised to embrace crypto and position the United States as the world’s crypto capital.
Interestingly, Trump has received financial support from top crypto stakeholders, including Ripple’s CLO Stuart Alderoty.
Garlinghouse Says Ripple Will Engage With Democrats and Republicans
Reacting to Larsen’s $10 million donation, Ripple’s CEO Brad Garlinghouse expressed respect for everyone’s right to support whomever they think is best to lead the United States.
He emphasized the need to change the current administration’s approach to crypto regulation, which he characterized as a “misguided war.” Notably, Garlinghouse revealed Ripple’s commitment to engage both Democrats and Republicans in the final days of the campaign to advocate for pro-crypto policies.
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