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In the 2024 presidential election campaign, we all know that a huge amount of money was invested by the crypto community and the it played a significant role it played in the final results. The massive financial contributions and strategic endorsements influenced the race. This indicates the influence of the crypto industry and its community on the political landscape and as Ripple’s CEO Brad Garlinghouse said, the crypto voters are here to stay!
The cryptocurrency industry had invested approximately over $200 million as revealed by the Federal Election Commission (FEC) into the election races which appears to have worked out in the favor of the industry.
Crypto Industry Supporting Trump
Trump had expressed his pro-crypto stance in the beginning of the election campaign and pledged to make America the “crypto capital of the planet” and his stance on firing Gary Gensler on the first day at the oval resonated well with the crypto community. Trump had strong backing from people like Howard Lutnick-Bitcoin investor and advocate for Tether, Tyler Winklevoss and Cameron Winklevoss- founders of Gemini exchange, Jesse Powell-founder of Kraken, Bijan Tehrani-co-founder of Stake, J.P. Richardson, CEO of Exodus, entrepreneur Gary Cardone.
Along with these well-known supporters, Ripple CEO Brad Garlinghouse and Ripple CLO Stuart Alderoty had expressed their support for the Republican candidate, Donald Trump as the company had donated $25 million to Fairshake, a super PAC supporting pro-crypto candidate.
Ripple’s Co-Founder Supports Harris
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However, the crypto industry also supported the Democrat candidate, Kamala Harris. In a surprising move, Ripple Co-founder, Chris Larsen was one of those who supported Kamala Harris the most. He donated approximately $11.7 million to her campaign, primarily in XRP tokens. This donation made Larsen, the largest single donor from the industry to do so.
Larsen’s support for Harris raised eyebrows as the other Ripple executives such as the CEO Brad Garlinghouse and the CLO Stuart Alderoty were supporting Trump. This sparked speculation within the community and everybody started questioning Chris Larsen’s and the company’s motive.
Was the Bipartisan Support a Strategic Move?
Some industry observers suggest that Larsen backing Harris may have been a strategic move by Ripple. With company facing legal challenges from the Securities and Exchange Commission (SEC), having a potential ally in the White House, could work in favor of Ripple and for the entire industry.
It is being speculated that Ripple and its leadership may have tried to balance out their political support across both the major parties hoping to potentially secure influence and roll-out favorable policies regardless of the election outcome. With Brad Garlinghouse stating that “Ripple will continue to engage with both Democrats and Republicans“, this speculation seems to make more sense.
However, Larsen mentioned in his tweet that his support for Harris was based on her potential to promote innovation in the U.S. crypto industry. He also expressed optimism that Harris could “ensure that American technology dominates the world.”
It’s time for the Democrats to have a new approach to tech innovation, including crypto. I believe @KamalaHarris will ensure that American technology dominates the world, which is why I’m donating $10M in XRP in support of her. https://t.co/vb9KJA87JK
— Chris Larsen (@chrislarsensf) October 21, 2024
The motivation behind Ripple’s political contributions and Chris Larsen’s support for Kamala Harris remain a subject of speculation. While some interpret these actions as a strategic move to maintain balance and influence across both the parties, others believe it could simply reflect Larsen’s genuine belief in Harris’s potential. Only time will unveil the real reason behind the bipartisan support.