As a seasoned analyst with over two decades of experience in the tech and finance sectors, I find Chris Larsen’s endorsement for Kamala Harris intriguing, given his deep involvement in the crypto industry and his significant contributions to her campaign. His support for Harris can be seen as an indication that the crypto community is becoming more politically active and influential, especially in shaping policies related to digital assets.
Chris Larsen, a founding member and chairman of the payment company Ripple, who has contributed generously towards Kamala Harris’ presidential campaign, stated that his support for her as a Democratic candidate is primarily driven by her stance on cryptocurrency policies.
During an interview with CNBC on October 28th, Larsen expressed his conviction that the “cryptocurrency conflict” will come to an end whether Vice President Harris or Republican Donald Trump wins in 2024. As a co-founder of Ripple, he declared his support for Harris due to her economic platform encouraging domestic innovation, which resonates with him given her ties to tech hubs like the Bay Area.
Larsen stated with conviction that our approach towards crypto and digital assets will be significantly distinct from the one the Biden administration introduced, which, in his opinion, lacked attention and was largely delegated to Senator Warren, resulting in a catastrophe. However, he assured that the Harris campaign will not repeat the same mistakes; instead, they will take a more proactive stance.
Crypto influencing presidential and congressional elections?
The creator of Ripple has donated approximately $12 million to political action groups (PACs) backing Harris. The majority of his contributions were made in XRP. This public donation places him well ahead of crypto industry heavyweights such as the Gemini co-founders, Cameron and Tyler Winklevoss, who have given around $2 million to PACs supporting Trump.
In the lead-up to the 2024 election, significant financial support from the cryptocurrency sector is flowing to various congressional candidates, either via Political Action Committees (PACs) or directly from executives. For instance, Fairshake, a PAC predominantly funded by Coinbase and Ripple, has invested millions in media campaigns to back and challenge candidates for closely contested House and Senate seats.
Larsen stated, “I observed that all the contributions [from Fairshake] were being directed towards the Republican party.” However, a Harris administration has emphasized a new strategy, a fresh start. I believe it’s beneficial for the industry to have bipartisan backing in this endeavor. By supporting Harris now, I feel like I’ve balanced out my previous support.
In a nutshell, Fairshake and its related political action committees like Defend American Jobs and Protect Progress have backed Democratic candidates nationwide. However, the majority of their advertising investments have been directed towards Republican parties.
Involved in some pivotal elections with crypto Political Action Committees (PACs) were the Massachusetts Senate contest between Republican nominee John Deaton and Democratic candidate Elizabeth Warren, as well as the Ohio Senate race featuring Republican Bernie Moreno versus Democrat Sherrod Brown, who serves as the chair of the Senate Banking Committee.
On October 29th, numerous surveys indicated that Trump and Harris were very close in significant swing states whose votes might decide the outcome of the Electoral College election.
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2024-10-29 22:13