Ripple co-founder Chris Larsen has made waves in both the political and crypto worlds by donating $1 million in XRP to support Vice President Kamala Harris’ presidential campaign, according to Federal Election Commission (FEC) filings.
The donation, made on August 14, was allocated to Future Forward PAC, a political action committee now backing Harris after initially supporting President Joe Biden’s reelection bid. The funds, recorded as 1,754,815 XRP (valued at $1 million), were sent through a non-contribution account and were not liquidated, indicating that the cryptocurrency remains intact.
PAC Uses Coinbase Commerce For Crypto Donations
Future Forward PAC processes crypto donations via Coinbase Commerce, a platform that converts cryptocurrencies into USDC stablecoin to mitigate market volatility. This mechanism ensures that funds maintain their value while still giving donors the flexibility to contribute in crypto.
Eleanor Terrett from Fox Business first reported the news, highlighting that Larsen’s donation was the first cryptocurrency contribution made to Harris.
Big Names Backing the PAC
As of August 31, Future Forward PAC had raised over $200 million, according to data from OpenSecrets. In addition to Larsen’s donation, major contributors include former New York City Mayor Michael Bloomberg, venture capitalist Reid Hoffman, and Coinbase.
Larsen’s contribution also signals growing crypto-political involvement as digital assets become an increasingly hot topic in the 2024 elections, with Election Day set for November 5.
Crypto as a 2024 Election Flashpoint
Harris has included crypto in her 80-page economic plan, expressing her administration’s intention to encourage innovative technologies like digital assets and AI while ensuring consumer protection. On the other side, Republican candidate Donald Trump has pledged to end the “unlawful” crackdown on crypto industries if elected, further stoking debate over the regulatory landscape.
Also Read: Bitnomial vs. SEC – A Legal Battle That Could Redefine $XRP Futures Trading
With high-profile crypto figures like Larsen now stepping into the political arena, the intersection of digital assets and politics is only set to grow more intense as candidates court support from this emerging sector.
This groundbreaking donation could mark the beginning of a trend, with more PACs and campaigns likely to embrace crypto contributions as the election nears.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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