Ripple Co-Founder Among Kamala Harris’ New Corporate Endorsers

As a seasoned researcher with a focus on the intersection of technology and politics, I find the recent political maneuverings within the crypto industry, particularly at Ripple, to be fascinating. The endorsement of Vice-President Kamala Harris by Chris Larsen, Ripple’s Co-Founder and Executive Chairman, has sparked an intriguing debate within the company and the broader crypto community.

On Friday, Chris Larsen, Ripple’s Co-founder and Executive Chairman, was one of 88 business leaders who publicly supported Vice-President Kamala Harris as the next U.S. President, suggesting a possible division within the company.

As Larsen came on board, notable CEOs hailed from review site Yelp, cloud storage firm Box, social media giant Snapchat (Snap), among others, according to an initial report by CNBC. However, Ripple and its CEO Brad Garlinghouse have strategically donated to high-profile Democrats in their ongoing political campaign.

A significant portion of the company’s donations has been directed towards political action committees (PACs) that support the use of cryptocurrency, such as the Fairshake PAC. This particular PAC aims to elect candidates favorable to cryptocurrency from both major political parties. Ripple Labs is one of the main contributors to Fairshake and its allies, having contributed approximately $48 million to shape the 2024 election landscape.

In a balancing act among political parties, Ripple’s philanthropic actions have shown a preference towards the Republican Party in one significant instance: attempting to oppose Senator Elizabeth Warren (D-Mass.), who is known for her criticism of cryptocurrencies. Notably, Garlinghouse, the company’s CEO, has donated $50,000 to a super-PAC focused on strengthening the Republican presence in the Senate, as disclosed to the Federal Elections Commission. This suggests that his political allegiances might conflict with the stance expressed in the letter signed by Larsen, which advocates for a Democratic administration under Harris.

In simpler terms, the letter suggested that Harris would consistently work towards enacting policies that uphold justice, maintain order, and foster a reliable business climate.

Despite an influx of significant funds from the cryptocurrency sector into this year’s congressional and presidential campaigns, there’s a growing sentiment among digital asset businesses and enthusiasts supporting the candidacy of Donald Trump, who has expressed strong support for cryptocurrencies after years of skepticism. During a speech in New York on Thursday, Trump reaffirmed his ambition to establish the U.S. as the global leader in cryptocurrency should he be re-elected as president.

Harris, unlike her competitor Donald Trump, hasn’t been as forthcoming about her stance on cryptocurrency policies. However, indications from her campaign team suggest that she is inclined to back policies aimed at fostering the development of the crypto sector. Furthermore, one of her supporting PACs has recently made strides towards accepting digital assets for campaign contributions.

According to a representative, Coinbase has confirmed that Future Forward PAC has joined forces with Coinbase Commerce to accept cryptocurrency donations. This move, as reported to CoinDesk recently, could imply that the Democratic party is becoming more receptive towards cryptocurrencies, given that Future Forward USA is a significant supporter of Harris.