Market Times:

London:

New York:

Singapore:

News

Ripple’s Co-Founder Donated $1M in XRP to Kamala Harris’ Super PAC

A recently disclosed filing shows that Chris Larsen devoted $1 million in XRP to support Kamala Harris a month before his public endorsement of her presidential campaign.

Avatar image of Mishael Nwani Mishael Nwani•October 11, 2024
Scaramucci

In early September, Ripple’s co-founder Chris Larsen pledged his support for the United States presidential candidate Kamala Harris. A recently disclosed filing with the Federal Election Commission (FEC) revealed that Larsen had donated $1 million in XRP to a super PAC supporting Harris’ campaign on August 14th.

FOX Business journalist Eleanor Terrett shared the FEC filing via X on Friday.

Ripple’s Co-Founder Supports Harris

The FEC filing revealed that Larsen’s donation was injected into Future Forward USA, one of the leading super PACs supporting Harris. Although the donation came two months ago, news of the recently disclosed filing news propelled XRP’s price from $0.52 to a mild increase of $0.54 at press time.

As the U.S. presidential election inches closer, many Americans take sides on their preferred candidate. Like Larsen, many have endorsed the Democratic nominee, Kamala Harris. Reports show she has received over $1 billion from supporters to finance her campaign efforts.

Among her many promises, Harris plans to bring business stability by supporting small businesses and boosting private-sector investment. Crypto natives supporting the Democratic Party believe the presidential candidate will bring balanced regulation to the country’s digital asset market. Last month, Harris publicly declared her commitment to supporting the crypto industry’s interest if elected next month.

How Donald Trump’s Campaign Is Fairing

The Republican presidential nominee, Donald Trump, is also pulling crowds and cash from supporters ahead of the November election. Over the months, Trump has harnessed his support for the crypto industry to capture the attention of pro-crypto Americans.

As a result, crypto figures like the Winklevoss twins and Kraken’s co-founder Jesse Powell have donated millions to aid Trump’s campaign efforts. Trump, on his part, has made many promises to support the crypto industry if elected.

Earlier this week, word spread that Robinhood’s chief legal officer, Dan Gallagher, could become the next chairman of the U.S. Securities and Exchange Commission (SEC). Under the current leadership of its chair, Gary Gensler, the financial agency has upheld a stringent stance on crypto.

Mishael Nwani

Mishael Nwani is an avid crypto enthusiast with nearly four years of experience in the industry. Since 2022, he has covered topics across cryptocurrencies, NFTs, artificial intelligence, and financial markets.