Chris Larsen, the co-founder of Ripple, is making headlines by donating over $11.8 million to Vice President Kamala Harris’s presidential campaign. Bitcoin and Ether seeing declines of 1.2% and nearly 5% respectively.
At DC Fintech Week, Ripple CEO Brad Garlinghouse expressed optimism about the future of cryptocurrency regulation in the U.S. He believes that the upcoming elections could lead Congress to adopt a more supportive stance on crypto compared to previous years.
Larsen’s support for Harris comes from his concerns about the current approach to cryptocurrency that is coming from the likes of Senator Elizabeth Warren, which he describes as a “war on crypto” in a CNBC interview, criticizing their harsh treatment.
He argues that this harsh stance has pushed innovation to countries like Singapore and the U.K. while leaving American consumers vulnerable to risks posed by companies like FTX.
Larsen has confidence in Harris’s economic vision, emphasizing her roots in the Bay Area, a hub for technology and innovation. He believes her administration would foster a pro-business environment, contrasting with what he sees as an anti-business sentiment from the current administration.
While the broader crypto industry has raised around $218 million for political campaigns, Larsen’s focus on the presidential race is strategic. He believes it’s vital to establish a supportive political environment for the future of digital assets.
As the election approaches, the crypto industry is witnessing a shift in political support through initiatives like Fair Shake, which has raised about $50 million to back pro-crypto candidates across both parties. A significant race is unfolding in Ohio, where Fair Shake is heavily investing in the campaign against Senate Banking Chair Sherrod Brown.
Larsen’s commitment to Harris is underscored by his recent $10 million XRP contribution, reinforcing his status as a leading donor in the crypto sector during this election cycle.
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