In a groundbreaking move for cryptocurrency in politics, Ripple co-founder and executive chairman Chris Larsen has donated 1,754,815.29 XRP, valued at $1 million, to Kamala Harris’s 2024 presidential campaign. The donation, made on August 14, 2024, to the pro-Harris Future Forward political action committee (PAC), marks the first documented crypto contribution to Harris’s campaign. This significant gesture comes as Harris’s chances of securing the presidency stand at 45.9%, according to Polymarket election odds.
The donation is part of a larger trend of support for Harris from the business community. Larsen, along with 87 other corporate executives, pledged their backing in a September letter, stating that “With Kamala Harris in the White House, the business community can be confident that it will have a President who wants American industries to thrive.” This show of support from tech and business leaders could prove crucial as Harris seeks to differentiate herself from the current administration’s policies, particularly regarding digital assets.
Harris’s campaign has been making efforts to court the crypto industry, with a group of crypto advocates and executives raising $100,000 to influence her stance on US digital asset policy. In response to this pressure, Harris broke her silence on crypto policy in late September, stating that her administration would “encourage innovative technologies like AI and digital assets while protecting our consumers and investors.” However, critics have noted that this statement closely mirrors previous Biden administration rhetoric, raising questions about whether Harris will truly deviate from current crypto policies if elected. As the campaign progresses, all eyes will be on Harris to see if she can balance the interests of traditional Democratic supporters with the growing influence of the crypto industry.
