Ripple co-founder Chris Larsen made a significant cryptocurrency donation in support of Kamala Harris's election campaign, sparking varied reactions among crypto enthusiasts.

Larsen's Donation

Chris Larsen contributed 1,754,815.29 XRP, equivalent to around $1 million, to the Future Forward PAC, a group supporting Kamala Harris's election campaign. According to Federal Election Commission filings, this marks the first documented cryptocurrency donation for Harris. Previously, Larsen donated $250,000 to Joe Biden's campaign, but after his withdrawal, Future Forward PAC endorsed Harris.

Super PAC and Its Influence

The Super PAC Future Forward has raised over $200 million. This organization can accept and spend unlimited amounts of money to support candidates. Donations have come from other notable figures such as Michael Bloomberg and Reid Hoffman. Interestingly, Future Forward has an agreement with Coinbase Commerce to convert all crypto contributions into a stablecoin, USDC.

Reactions and Consequences

News of Larsen's donation sparked mixed reactions in the crypto community. Some criticized him for supporting Democrats, given previous SEC lawsuits, while others pointed to similar actions by the Republican candidate. Despite this, corporate executives, including Larsen and many others, signed a letter endorsing Harris. Meanwhile, former Ripple board member Gene Sperling joined Harris’s campaign after leaving the Biden administration.

Support for Kamala Harris by the crypto community is actively evolving. Although she is yet to clarify her stance on cryptocurrencies, donations like Larsen's may influence her position on innovative technologies, including digital assets.