In September, Chris Larsen, the co-founder and chairman of Ripple, made a generous contribution of almost $9.9 million to Future Forward. Additionally, he donated over $800,000 to the Harris Victory Fund. This information was gathered from FEC data compiled by James Delmore, a cryptocurrency market and blockchain analyst at Breadcrumbs, and independently verified by CNBC.
Larsen has made a generous contribution of $1 million worth of XRP tokens in August. With this latest donation, the billionaire’s total support for PACs backing the Harris campaign now exceeds $11.8 million. This makes him one of the most significant individual donors from the cryptocurrency industry in this election cycle.
Larsen, who has supported candidates from both sides of the aisle in recent years, expressed his confidence in Harris during an interview with CNBC. He based his comfort level on the conversations he had with individuals within the campaign and his observations of the vice president’s actions since she took over as the top candidate in July after President Joe Biden.
Being from the Bay Area gives Harris an advantage.
According to Larsen, Kamala Harris has a deep understanding of the innovation economy, as she has been surrounded by individuals who have grown up in this sector all their lives.
Larsen believes that Harris comprehends the importance of empowering workers and recognizes the connection between this and ensuring that American champions lead their respective industries.
He suggests that the Biden administration may not have been as attentive to these factors or failed to make the same connection.
Larsen has long been a supporter of the Democratic nominee. According to Federal Election Commission filings, he demonstrated his commitment by making the maximum personal contribution of $6,600 to Harris in February.
This generous contribution would cover both the primary and general election. Additionally, Larsen also contributed $100,000 to the Harris Action Fund PAC during the same period.
According to Forbes, Larsen, 64, has accumulated a net worth of $3.1 billion. His wealth primarily stems from his ownership of XRP and his active involvement in Ripple, a company that offers blockchain technology solutions for financial services businesses.
The crypto industry has emerged as a prominent player in political fundraising, particularly in support of Republicans. A report by nonprofit watchdog group Public Citizen reveals that almost half of the corporate contributions in the election have originated from the crypto industry.
The Trump PAC has raised approximately $7.5 million in cryptocurrency donations since the beginning of June.
Fairshake, one of the leading spending PACs this year, is focusing its efforts on closely contested House races. In September alone, the committee distributed an impressive sum of nearly $29 million.
$20 million was allocated to two affiliated PACs – $15 million to the Defend American Jobs PAC, a single-issue committee that focuses on cryptocurrency and blockchain policy and has a preference for Republicans. The remaining $5 million was directed towards Protect Progress, which exclusively supports Democrats.
According to verified data compiled by Breadcrumbs crypto market and blockchain analyst Delmore and reported by CNBC, Fairshake allocated the majority of its $8.8 million expenditure last month to House races in New York, Nevada, and California.
Two Southern California Republicans, David G. Valadao and Michael Garcia, are currently engaged in closely contested races to retain their seats. The Cook Political Report has labeled these races as toss-ups. Valadao has received a substantial amount of $1.3 million, while Garcia has garnered $1 million in campaign funding.
Political contributions from the cryptocurrency industry for the 2024 cycle have amounted to approximately $190 million. Notably, a significant portion of this funding, totaling over $130 million, has been allocated towards congressional races for the upcoming election, including the primaries.