As the 2024 election between Vice President Kamala Harris and former President Donald Trump draws near, the spotlight is on donations from prominent figures in the cryptocurrency market. The outcome of this election is expected to have a significant impact on the market, and recent data reveals interesting insights into the contributions made by Chris Larsen, the co-founder of Ripple.
Only Crypto Billionaire Who’s Donating Significantly
In September 2024, Chris Larsen made headlines with his substantial donations to Future Forward, a super PAC supporting Vice President Kamala Harris. Official records show that Larsen contributed a total of $9.89 million in cash donations to the PAC, in addition to a $1 million donation in XRP cryptocurrency in August. Furthermore, he donated over $800,000 to the Harris Victory Fund, bringing his total contributions to over $11.8 million. This makes him one of the most significant individual donors from the cryptocurrency industry in this election cycle.
In a recent CNBC interview, Larsen explained that his support for Harris is based on his interactions with her campaign team and his observations of her performance since becoming the main candidate in July. Despite having supported candidates from various political parties in the past, Larsen’s backing of the Democratic nominee has been consistent. Back in February, he made a maximum personal donation of $6,600 to Harris for both the primary and general elections, months before she secured the Democratic presidential nomination. Additionally, he contributed $100,000 to the Harris Action Fund PAC.
On the other hand, the Trump PAC has received approximately $7.5 million in cryptocurrency donations since early June.
Here’s the Real Intention Behind Ripple’s Support
Larsen’s generous contributions to Vice President Harris come at a crucial time when cryptocurrency regulation is a key focus in the 2024 election cycle. While his donations may seem like a show of support for a candidate, his true intentions remain unclear.
Rumors suggest that Harris’s team has been actively engaging with cryptocurrency experts to gain a better understanding of the industry. Speculation is rife that Kamala Harris may have had discussions with Chris Larsen regarding her plans for cryptocurrency policy.
Despite the significant financial backing from Larsen, Vice President Harris is facing challenges in garnering public support. According to Polymarket, only 38.2% of users currently favor Harris to win the 2024 election, indicating that even substantial contributions may not translate into favorable betting odds.