Ripple Co-Founder Donates $1 Million in XRP to Support Kamala Harris

Ripple Labs' co-founder Chris Larsen has contributed $1 million worth of XRP cryptocurrency to Future Forward USA, a super political action committee (PAC) aligned with the Democratic Party.

According to a recent Federal Election Commission (FEC) filing, the donation, made on 14 August, is intended to support the U.S. Democratic presidential nominee Kamala Harris.

The contribution, amounting to 1,754,815.29 XRP, is part of a broader fundraising effort by Future Forward, which has accumulated over $200 million in the 2023-24 election cycle, based on data from Open Secrets, a campaign finance watchdog.

Ongoing Financial Support for Harris' Campaign

Larsen's financial backing for Harris totals $1.9 million to date. His support includes two earlier donations to Future Forward, worth $250,000 and $500,000 respectively, made in 2023.

The super PAC has been active in promoting Harris’ presidential campaign, spending over $200,000 on advertising efforts earlier this year, as reported by The New York Times.

How Super PACs Play a Role in U.S. Elections

While federal regulations cap individual donations to political candidates at $3,300 per election, wealthy contributors often use super PACs to funnel unlimited sums into political campaigns.

These organisations do not contribute directly to candidates, but their significant financial backing can influence electoral outcomes by funding supportive initiatives like media campaigns.

Related reading：Kamala Harris Promises Blockchain Support as Trump Pushes Pro-Crypto Policies

Larsen’s donations, given Ripple's ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), may raise eyebrows. Since 2020, Ripple has been engaged in a legal dispute with the SEC over claims of more than $1 billion in unregistered securities sales.

The Biden-Harris administration’s appointment of Gary Gensler as SEC Chair in 2021 has been a point of contention for Ripple executives, including CEO Brad Garlinghouse, who referred to Gensler as a "political liability."

Rising Crypto Support for Harris

Larsen is not alone in his backing of Harris. Several high-profile figures from the blockchain sector, including Galaxy Digital CEO Mike Novogratz and billionaire Mark Cuban, have also pledged their support for Harris’ presidential bid.

Their support has grown as Harris signals her openness to a more crypto-friendly policy compared to the current administration.

Related reading：Kamala Harris vows to support crypto growth at New York fundraiser to run for US president

In recent months, Harris has made efforts to align herself with the blockchain industry, indicating that her presidency could take a more favourable approach toward the sector.

In September, she remarked on the importance of ensuring the U.S. remains a leader in blockchain technology. Additionally, pro-crypto Democratic congressmen have rallied behind a grassroots movement known as “Crypto4Harris,” which seeks to galvanise crypto holders in support of her campaign.

While Larsen’s substantial donation indicates strong support for Kamala Harris within the blockchain industry, it also reflects the complex relationship between cryptocurrency firms and the U.S. government.

With Ripple’s ongoing legal battles and the broader industry's struggle with regulatory pressures, it remains to be seen whether this financial backing will result in more favourable policies for the crypto sector in a potential Harris administration.