[NEWS] Ripple co-founder Larsen donates $10 million worth of XRP to Harris campaign

Ripple co-founder Chris Larsen said on the 22nd that he has donated $10 million worth of XRP to Vice President Kamala Harris' campaign in the run-up to the 2024 US presidential election.

As the election battle with Donald Trump intensifies, this large donation will support Harris' campaign.

Larsen emphasized that the Democratic Party needs to adopt a new perspective on technological innovation in the field of cryptocurrencies. He then said, "It is time for the Democratic Party to take a new approach to technological innovation, including cryptocurrencies. I believe that American technology will ensure that Kamala Harris rules the world. That's why I'm donating $10 million in XRP to support her."

Ripple CEO Brad Garlinghouse expressed support for Larsen's donation and stressed the need for the United States to move away from the "misguided war on crypto" under the current administration.

In the 2024 election campaign, crypto assets are at the center of political debate more than ever before. The crypto industry has grown significantly this year, with the successful listing of Bitcoin spot ETFs and Ethereum spot ETFs.

As a result, calls for clear regulation to expand the market more broadly are growing. Candidates are increasingly aware that crypto assets are a vital issue.

Trump has expressed strong support for crypto assets. Trump and his son Lara Trump have launched a crypto asset DeFi project called WLF (World Liberty Financial). The project aims to raise $300 million and is expected to be valued at $1.5 billion after full dilution.

World Liberty Financial will issue a governance token, WLFI. The token will be used to make decisions regarding the future development of the platform. It will be non-transferable for the first 12 months. 20% of the total token supply will be sold in the initial phase, and the token sale began on the 15th.

Total donations reach $11.8 million

Despite Trump's pro-crypto stance, crypto industry leaders like Larsen continue to support Harris and her vision for the technology. Larsen has donated more than $11.8 million to the political action committee (PAC) supporting Harris' candidacy.

This donation solidifies his role as a key supporter of Harris's efforts to win the presidential election.

A Trump election would be a positive thing for the crypto industry, but the outcome of this tight US presidential election remains unclear. These donations are therefore seen as part of a strategy for either side to maintain a certain degree of influence regardless of who wins.

Reference: Chris Larsen
Image: Shutterstock

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