Ripple Co-Founder Donates $10M XRP to Kamala Harris Campaign

Chris Larsen, a co-founder of Ripple Labs, has notably ramped up his support for Democratic presidential candidate Kamala Harris, making headlines with considerable contributions in recent weeks.

In a recent statement, Larsen revealed a $10 million donation in XRP to Harris’s campaign, following an earlier contribution of $1 million worth of XRP to Future Forward, a super PAC backing her candidacy.

Larsen’s $10 Million XRP Contribution

In a post on X (formerly Twitter), Larsen shared his views on the necessity for the Democratic Party to embrace a new perspective on technology and innovation, especially with respect to cryptocurrency. He remarked:

I am confident that Kamala Harris will ensure American technology leads globally, which is why I’m contributing $10M in XRP to support her.

Larsen’s support for Harris is not recent. Earlier this year, he made a maximum individual donation of $6,600 to her campaign, contributed $100,000, and most recently donated $1 million in XRP to the Harris Action Fund PAC.

In total, the Ripple executive’s contributions supporting Harris now reach approximately $11.9 million, which includes direct donations and those through PACs.

While Larsen is a strong supporter of Harris, his advocacy occurs amidst Ripple’s ongoing legal struggles with the US Securities and Exchange Commission (SEC).

Ripple Seeks Regulatory Clarity

The lawsuit has become a pivotal issue in the cryptocurrency sector, with many calling for regulatory reforms and a shift in leadership at the SEC during the Biden administration—an area where Harris is positioned to have significant impact.

Although Harris has not yet publicly addressed changes in the SEC’s administration that could pave the way for a new regulatory framework for digital assets, Larsen remains hopeful.

Larsen previously told CNBC that he is “very confident” Harris would introduce a “more pragmatic approach and clearer rules” for the crypto sector, contrasting the current landscape under SEC chair Gary Gensler.

Gensler has faced backlash for his tough stance against multiple crypto firms, including Ripple, prompting many in the industry to back other political candidates.

Ripple CEO Brad Garlinghouse has also expressed concerns regarding Gensler, referring to him as a “political liability.” He described Gensler’s approach as “deliberate chaos,” which he believes has inadvertently empowered foreign competitors at the expense of the US crypto market.

Reflecting on Larsen’s donations, Garlinghouse acknowledged individuals’ right to support candidates they feel will effectively lead the country. He reiterated the necessity for a change in the current administration’s stance on crypto, stressing that Ripple will engage with both Democrats and Republicans to advocate for policies that encourage blockchain and crypto development.