As the United States approaches its next presidential election, the spotlight turns to Chris Larsen, the co-founder and executive chairman of Ripple. Larsen has made headlines by becoming the largest individual donor from the cryptocurrency sector in this electoral cycle, following his significant contributions to the campaign of Kamala Harris, the US Vice President and Democratic nominee.
Kamala Harris Promises a ‘Completely Different Approach’
In a recent interview with CNBC, Chris Larsen shared his reasons for supporting Kamala Harris. His endorsement is rooted in the belief that Harris would adopt a fresh perspective towards the cryptocurrency industry. Larsen criticized the current Biden administration for its lack of attention to the sector, suggesting that regulatory control was ceded to figures like Senator Elizabeth Warren and SEC Chairman Gary Gensler, who have been less supportive of crypto growth.
Larsen pointed out the negative consequences of this oversight. He mentioned that Senator Warren’s aggressive stance against cryptocurrencies inadvertently allowed international hubs like London and Singapore to seize leadership in the industry—an opportunity he believes should have belonged to the US. The Ripple co-founder further criticized the regulation-by-enforcement strategy, arguing that it failed to safeguard American investors while enabling dubious foreign entities like FTX to exploit consumers in the US.
Larsen expressed enthusiasm for Kamala Harris’ economic vision, which he described as “pro-innovation.” The Democratic nominee’s commitment to fostering American industry dominance resonated with him, particularly due to her engagement with various sectors, including crypto. He is optimistic that Harris’ background from the “world capital of innovation” will lead to a more supportive approach than what has been seen under Biden’s leadership.
Ripple Co-Founder’s Steadfast Support for Harris’ Campaign
While many in the cryptocurrency sphere have rallied behind Donald Trump’s perceived pro-industry policies, Chris Larsen has taken a different path. Alongside notable figures like Mark Cuban, Larsen has openly backed Kamala Harris. This support culminated in a significant financial commitment, with Larsen contributing approximately $11.8 million in XRP to Harris’ Super Political Action Committee (PAC), Future Forward USA, making him the foremost crypto donor of this campaign period.
On October 11, Larsen initiated his crypto donations to Future Forward with a $1 million contribution in XRP, marking the first known crypto donation to the Super PAC. This was followed by a substantial $10 million donation on October 21. Larsen’s actions underscore his belief that Kamala Harris will steer American technological leadership on a global scale.
Chris Larsen continues to advocate for a new direction within the Democratic Party, one that embraces cryptocurrency. During his CNBC interview, he emphasized the growing bipartisan support for crypto, suggesting that the so-called “crypto war” is nearing its end. Larsen anticipates that regardless of the election outcome, both Republicans and Democrats will recognize the importance of digital assets and work towards fostering a favorable political environment for innovation.
This sentiment is gaining traction among industry leaders. Pro-XRP Lawyer John Deaton has even challenged Senator Warren’s seat in the Senate, highlighting the shifting political dynamics. Investors, too, have noted the non-partisan nature of the crypto sector, emphasizing the need for political leaders from both sides to align with the industry’s advancements.
As of now, XRP is trading at $0.52, reflecting the dynamic and ever-evolving landscape of the cryptocurrency market.
