Ripple Labs co-founder Chris Larson donated $1 million worth of XRP cryptocurrency to the Democratic Political Action Committee (PAC) in support of US Democratic presidential candidate Kamala Harris.
Blockchain technology executive On August 14, 1,754,815.29 XRP, worth 1,754,815. Released this week. Future Forward USA, a Democratic Party-backed super PAC that raised more than $200 million in the 2023-24 election cycle, is an open secret campaign finance nonprofit. Data It shows.
Larson has donated a total of $1.9 million to support Harris' campaign as of press time. as if Unlock secrets. This includes two separate future endowments in 2023 valued at $250,000 and $500,000 respectively. In the year In early 2024, a super PAC spent more than $200,000 on a massive ad campaign to support Democrats' bid for the White House, The New York Times reported. reported.
Under federal campaign finance laws, individual contributors can spend a maximum of $3,300 per election for a candidate. But by pouring money into super PACs—which raise unlimited funds to support candidates without directly contributing to their campaigns—ultra-wealthy donors can influence election outcomes with their money.
Larson's endorsement of Harris may come as a surprise to some viewers.
It has Ripple Labs. He has been fighting for four years Against the US Securities and Exchange Commission (SEC), which charged the company with over $1 billion in unregistered securities sales. So was the Biden-Harris administration. SEC Chairman Gary Gensler was appointedRipple CEO Brad Garlinghouse called them a “political liability” in 2021.
However, Larson's large donation is one of several signs that blockchain companies that have been slammed by the SEC during the Biden-Harris administration are interested in supporting the Democratic Party. In the past few months, strong crypto advocates, including Galaxy Digital CEO Mike Novogratz and pro-Bitcoin billionaire Mark Cuban, have come out to support Harris' presidential bid.
Support and donations poured in when Harris said she might become an administrator. Harris did it last month The first public criticism of the crypto industry On the campaign trail, he promised that the US would continue to dominate “blockchain” technology.
A month ago, pro-Creto Democratic members of Congress Found behind “Crypto4Haris”. A grassroots organization that hosted a virtual town hall to bolster support for crypto holders Harris.
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