- Ripple co-founder Chris Larsen has donated more than $11.8 million to PACs supporting Vice President Kamala Harris’s campaign.
- The crypto industry has become a prominent source of political fundraising, with nearly half of all corporate money flowing into the election coming from the crypto industry.
- A PAC called Fairshake, one of the top spending PACs this year, has targeted close House races, giving out nearly $29 million in September, with $20 million going to affiliated PACs focused on cryptocurrency and blockchain policy.
With just two weeks left until the 2024 general election, new campaign finance data reveals that the cryptocurrency industry has largely donated to Vice President Kamala Harris. This influx of crypto cash provides key insights into how blockchain advocates aim to shape policy in Washington.
Chris Larsen’s Massive Contributions
The co-founder and chairman of Ripple, Chris Larsen, contributed nearly $99 million to the Future Forward PAC in September. This comes on top of the $1 million in XRP tokens he donated in August. In total, Larsen has given over $118 million to PACs supporting the Harris campaign, making him one of the biggest individual donors from the crypto industry this cycle.
Larsen has previously donated to candidates from both parties. But he says his comfort with Harris comes from conversations with her campaign staff and observing her since she replaced Biden at the top of the ticket in July. As a Bay Area native, Larsen believes Harris fundamentally understands the innovation economy in a way the Biden campaign didn’t.
Targeting Key House Races
Fairshake, one of the top spending PACs this year, distributed nearly $29 million in September to PACs focused on close House races. This included $15 million to the pro-Republican Defend American Jobs PAC and $5 million to the pro-Democrat Protect Progress.
The remaining $8.8 million went to competitive House races in New York, Nevada, and California. For example, embattled Republicans David G Valadao and Michael Garcia received $13 million and $1 million respectively for their tight contests in Southern California.
Overall, crypto-linked groups have spent over $130 million on congressional races so far this cycle. This underscores how blockchain advocates are moving to advance their policy goals in Washington.
Conclusion
The flood of crypto cash to Harris and key House races provides a window into how the blockchain community aims to shape the future regulatory environment. With their swelling war chests, crypto proponents are poised to further expand their political influence after the 2024 election.
