- Chris Larsen donated $1 million in XRP tokens to Kamala Harris’s campaign through Future Forward PAC.
- Future Forward PAC supports Harris’s campaign and converts cryptocurrency donations into USDC to prevent volatility.
- Ripple’s ongoing legal battle with the SEC adds context to Larsen’s significant financial backing of Harris.
Ripple co-founder Chris Larsen has donated a notable cryptocurrency to Vice President Kamala Harris’s presidential campaign. Larsen’s contribution of $1 million in XRP tokens was made to Future Forward USA, a political action committee (PAC) supporting Harris.
Significant Crypto Donation to Future Forward PAC
The donation, made on August 14, involved 1.7 million XRP tokens, equivalent to $1 million. Future Forward PAC, which facilitates crypto donations via Coinbase Commerce, quickly converts them into the stablecoin USDC to limit volatility. This PAC has garnered over $200 million, with key backers like Michael Bloomberg, venture capitalist Reid Hoffman, and the crypto exchange Coinbase.
Larsen’s Support of Harris Amid Ripple’s Legal Struggles
Larsen publicly supported Harris in September, as we have seen, which made this crypto donation to the campaign his first on record. Larsen for his part has been reported in CNBC to have donated more than $1.9 million towards Harris campaigns. This happened at a time when Ripple is deep in a legal war with the U.S. Securities and Exchange Commission (SEC) that began in December 2020. The court case ended in August this year and both Ripple and the SEC filed appeals.
Open-Stellar-Contribution /Brokerage-Effectiveness Crypto’s Standard Part Three Crypto’s Growing Role in U.S. Politics
Cryptocurrency remains a crucial topic in America’s annual presidential campaigns leading to the 2024 election. This is explained by the fact that Larsen became the latest figure to contribute to a campaign and an indication of how critical virtual currencies are to modern political campaigns as both Democrats and Republicans turn to the crypto space seeking funds. Kamala Harris has recently started the Crypto 4 Harris project and has been active since August to build up the voter base of Harris and cultivate policies beneficial to the cryptosphere. This is important as Harris tries to navigate between the crypto industry on one side and Republicans on the other side who also woo the same vote.
About Ripple: The Legal Concerns and the Relationships to Political Parties
His campaign matches the comments she made recently in support of new technologies such as artificial intelligence and digital currencies. Ripple continues to fight a legal battle with the SEC regarding the securities status of XRP. Larsen’s financial strength is viewed as important especially since Ripple is constantly in battle with the regulating bodies and could impact how policies form if Harris becomes the president.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
