In a significant display of political and financial influence, Ripple Labs co-founder and chairman Chris Larsen has donated nearly $10 million to Vice President Kamala Harris’ presidential campaign. This large contribution, made through the Future Forward PAC, signals Larsen’s confidence in Harris’ approach to cryptocurrency regulation and her potential as a leader who understands the innovation economy. Despite Larsen’s substantial backing, however, the crypto community remains divided on which candidate offers the best path forward for the industry.

Crypto Donations Pour In

According to reports, Larsen made three separate donations in September totaling $9.9 million to Future Forward, a Super PAC supporting Harris. This adds to an earlier $1 million donation in XRP, Ripple’s native token, made in August. In total, Larsen’s financial support for Harris surpasses $11.8 million, making him one of the largest individual donors from the crypto space in this election cycle.

Larsen’s support for Harris stems from his belief in her crypto-friendly policies. As a Bay Area native, Harris has long been familiar with Silicon Valley and the broader tech industry, which has given her insight into how innovation can be balanced with regulation. “She knows people who have grown up in the innovation economy her whole life,” Larsen stated in an interview. “She gets it at a fundamental level.”

Crypto Industry Divided

Despite Larsen’s substantial donations and endorsement, Harris is not the clear favorite within the cryptocurrency community. According to the prediction market Polymarket, Donald Trump holds a significant lead in the race, with odds showing him with a 62.5% chance of winning, compared to Harris’ 37.5%. Trump's support within the crypto industry is bolstered by figures like Charles Hoskinson, founder of Cardano, who has endorsed Trump due to his plans to replace SEC Chairman Gary Gensler—an official seen as highly critical of the crypto sector.

Political donations from the crypto industry have surged in this election cycle, with over $190 million in contributions. While Harris has attracted considerable support, including Larsen’s backing, crypto donations have also heavily favored Republicans. Trump's Super PAC has raised about $7.5 million in crypto donations since June.

Influence Beyond the Presidential Race

Larsen’s contributions aren’t limited to the presidential race. PACs linked to his donations have also funneled millions into key House races. For example, Fairshake, one of the top-spending PACs in 2024, allocated nearly $29 million in September alone, targeting close congressional races across New York, California, and Nevada.

This level of spending highlights the growing influence of the crypto industry in American politics. PACs like Defend American Jobs, which focuses on crypto and blockchain policy and has largely supported Republicans, and Protect Progress, a pro-Democrat PAC, are each driving the conversation about the future of crypto regulation in the U.S.

Conclusion: A Pivotal Election for Crypto

As the election approaches, the crypto industry faces a crossroads. Larsen’s bet on Harris underscores a desire for a balanced approach to regulation, one that fosters innovation without stifling it. However, the broader industry remains split, with other major players backing Trump, hoping for more aggressive regulatory reform.

With billions at stake and political control of crypto’s regulatory future hanging in the balance, this election will shape how the industry evolves in the coming years. Whether Harris, with the support of figures like Larsen, can overcome Trump’s lead and garner more widespread backing remains to be seen, but the outcome of the election will undoubtedly have significant implications for the future of cryptocurrency in the U.S.