A political action organization that supports the vice president’s presidential campaign, Future Forward PAC, received a $1 million donation in XRP currency from Chris Larsen, co-founder and chairman of Ripple.
Records maintained by the Federal Election Commission show that the donation of 1.7 million XRP coins was sent on August 14. According to Fox Business, this was Harris’s campaign’s first cryptocurrency donation.
Moving Ahead Through Coinbase Commerce, PAC automatically converts cryptocurrency donations into the stablecoin USDC. The PAC has raised more than $200 million thanks to significant contributions from well-known people like cryptocurrency exchange Coinbase, former mayor of New York City Michael Bloomberg, and venture capitalist Reid Hoffman.
Larsen’s outspoken backing of Harris comes at a critical juncture in Ripple’s continuing legal battle with the SEC. The conflict arose in 2020, and both sides have been contesting rulings from a final verdict rendered in August.
Given Ripple’s ongoing legal struggle with the SEC and the increasing significance of cryptocurrencies in political discourse, Larsen’s support for Harris is all the more notable. In the 2024 presidential race, cryptocurrency has become a focal point for both Democratic nominee Kamala Harris and Republican nominee Donald Trump.
The vice president has attempted to “reset” relationships with bitcoin companies and investors, many of whom had either never left the Republican party or had left but for various reasons.
SEC Chair Gary Gensler, Treasury Secretary Janet Yellen, and Joe Biden have all expressed severe skepticism about Bitcoin, viewing it as essentially one big speculative hoax, despite the fact that Donald Trump just revised his approach and began wooing the cryptocurrency men for support. Harris has declared that artificial intelligence and digital assets would be welcomed in her administration.
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