Ripple Labs co-founder Chris Larsen has significantly increased his backing of Democratic presidential nominee Kamala Harris, making headlines with substantial donations over the past month. 

In a recent announcement, Larsen disclosed a $10 million donation in XRP to Harris’s campaign, following a previous contribution of $1 million worth of XRP to Future Forward, a super political action committee (PAC) supporting her candidacy.

In a post on X (formerly Twitter), Larsen expressed his belief that the Democratic Party needs a fresh approach to technology and innovation, particularly regarding cryptocurrency, he stated: 

I believe Kamala Harris will ensure that American technology dominates the world, which is why I’m donating $10M in XRP in support of her.

Larsen’s support for Harris is not new. Earlier this year, he made the maximum personal contribution of $6,600 to her campaign, a $100,000 donation, and most recently donated $1 million in XRP to the Harris Action Fund PAC. 

In total, the Ripple executive’s contributions in support of Harris now total approximately $11.9 million, including both direct donations and those made through PACs.

Despite his strong support for Harris, Larsen’s advocacy comes against the backdrop of Ripple’s ongoing legal battle with the US Securities and Exchange Commission (SEC). 

The lawsuit has become a focal point in the cryptocurrency industry, with many voices calling for regulatory reform and a change in leadership at the SEC under the Biden administration—an area where Harris has significant influence.

While Harris has yet to publicly address changes in the SEC’s leadership that could facilitate a new regulatory framework for digital assets, Larsen remains optimistic. 

Larsen previously told CNBC that he was “very confident” Harris would bring a “more pragmatic approach and clear rules” to the crypto industry, in contrast to the current environment under SEC chairman Gary Gensler. 

Gensler has been criticized for his aggressive stance against several crypto companies, including Ripple, leading many in the industry to support alternative political candidates.

Ripple CEO Brad Garlinghouse has also voiced concerns regarding Gensler, labeling him a “political liability.” He described Gensler’s approach as “purposeful chaos,” which he believes has inadvertently strengthened foreign competitors at the expense of the US crypto industry.

In light of Larsen’s donations, Garlinghouse acknowledged the right of individuals to support the candidates they believe are best suited to lead the country. He reiterated the need for a shift in the current administration’s stance on crypto, emphasizing that Ripple will engage with both Democrats and Republicans to promote policies that foster blockchain and crypto innovation.

At the time of writing, XRP is trading at $0.5457. It has experienced sideways movement over the past 24 hours, recording a slight change of 0.5% gain to the upside. 

Featured image from DALL-E, chart from TradingView.com 

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