Larsen’s support for Harris isn’t entirely new. Earlier this year, he contributed $6,600 directly to her campaign and $100,000 to the Harris Action Fund PAC. In total, he’s given around $1.9 million to support her through various channels. His comfort with Harris stems from personal conversations and observing her actions since she became the Democratic nominee in July.
Being from the Bay Area, Harris has a deep understanding of the tech world. Larsen believes she “gets it at a fundamental level,” referring to the innovation economy. He contrasts this with the previous administration’s approach, suggesting that they didn’t fully grasp the connection between empowering workers and fostering industry leaders.
Larsen, 64, has an estimated net worth of $3.1 billion, mainly from his involvement with Ripple and ownership of XRP. His support for Harris indicates a warming relationship between parts of the crypto industry and the Democratic Party, which could have significant implications for future regulations and policies.
A Shift from Traditional Crypto Political Contributions
Historically, the crypto industry has funneled significant funds into Republican campaigns. Nearly half of all corporate money in the current election cycle has come from crypto companies, with a large portion supporting Republicans or opposing Democrats, according to a recent report by Citizen. Donald Trump has received over $4 million in virtual tokens, and he even headlined a major Bitcoin conference in Nashville in July.
Larsen’s decision to back Harris suggests a desire for a “more pragmatic approach and clear rules” in the crypto space. He contrasts Harris’s potential policies with the current stance of SEC Chair Gary Gensler, whom he accuses of creating “purposeful chaos” in the industry. Ripple has been embroiled in a legal battle with the SEC since 2020, spending over $100 million in litigation costs.
Larsen isn’t alone in his support. Anthony Scaramucci of SkyBridge Capital has donated over $36,000 to PACs supporting Harris. Venture capitalist Ben Horowitz also announced plans to make a significant personal contribution to her campaign, despite earlier intentions to back Trump due to concerns over tech policies.
In September, Harris acknowledged cryptocurrency in a public speech, signaling a potential openness to the industry. She stated intentions to encourage innovative technologies like digital assets while ensuring consumer and investor protection. This stance has resonated with some in the crypto community who are seeking clearer regulations and a friendlier environment for innovation.
Harris’s Campaign Addresses Crypto Policy
On October 14, Harris’s campaign released the “Opportunity Agenda for Black Men,” which includes plans to create a framework for cryptocurrency in the U.S. The campaign highlighted that over 20% of Black Americans have owned digital currencies, emphasizing the importance of inclusive financial policies.
Source: Karmalaharris.com
Despite Larsen’s track record of donating to Democrats, his recent contribution sparked criticism on social media from skeptics within the crypto community. James Delmore, a crypto market and blockchain analyst, noted the skepticism toward Harris’s candidacy and potential policies.
As the election draws near, Larsen’s endorsement could signal a broader shift in the crypto industry’s political alignments. His significant contribution not only boosts Harris’s campaign but also highlights the evolving relationship between digital currency leaders and political figures.
