The upcoming 2024 U.S. Presidential election just got a major shakeup from the world of cryptocurrency! đ„ According to Federal Election Commission (FEC) records, Chris Larsen, co-founder and Executive Chairman of Ripple Labs, has donated a whopping 1.75 million $XRP âvalued at $1 million at the time of the contributionâto the Harris-Walz 2024 Presidential Campaign. đŻâš
This marks the first-ever documented crypto donation to Kamala Harris's campaign, as the pro-Harris Future Forward PAC confirmed the transaction took place on August 14, 2024. đ With Ripple's support, Harris is gaining a new wave of influence from the crypto community.
đŒ Why Does This Matter?
Rippleâs top brass, including Larsen, see Harris as a potential ally for the tech and crypto industries. In a letter signed by Larsen and 87 other business leaders, they expressed their confidence that Kamala Harris in the White House would be a pro-business president, one who would push for policies that foster innovation and economic growth in the U.S. đșđžđŒ
"With Kamala Harris as President, the business community can trust that the American industries will thrive under leadership that values innovation and growth," the letter declared.
Larsenâs donation is a strategic bet that could signal a broader push to reshape crypto policy in Washington D.C. đ
đž Crypto Industry Eyes on Harris
The crypto industry isnât sitting idly by. Just last month, various crypto groups and executives pooled together $100,000 to support Harrisâs campaign in hopes of influencing her stance on digital assets. đȘđłïž The goal? To nudge Harris away from the current administration's crypto-hostile policies and create a more favorable regulatory environment for blockchain and crypto innovation.
Harris, who had been relatively quiet on the topic, broke her silence in late September, stating, âWe will invest in Americaâs competitiveness by encouraging innovative technologies like AI and digital assets, while ensuring protection for our consumers and investors.â
While this sounds promising, industry insiders noted that Harrisâs comments didnât significantly deviate from the Biden administrationâs position, which has been marked by cautious regulation and even vetoes of crypto-friendly policies. đ
đïž Crypto's Role in the 2024 Election
As Polymarket's latest forecasts show Kamala Harris with a 45.9% chance of winning the election, itâs clear that cryptoâs growing influence is becoming a key factor in the political landscape. With Donald Trump also making crypto-friendly promises, including launching a Bitcoin & Crypto Advisory Committee, the race for the crypto vote is officially on! đđŒ
đŻ Will Harris Tilt Pro-Crypto?
While Harrisâs campaign has shown signs of crypto openness, industry leaders are waiting to see whether these donations and pressures from the crypto community will translate into tangible policy changes. Could this be the start of a pro-crypto administration, or will her stance remain cautious, in line with Biden's current policies? đ€
