Ripple co-founder endorses Kamala Harris, as she seeks to gain ground against Donald Trump in the Polymarket polls. | Credit: Peter Zay/Anadolu via Getty Images
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Key Takeaways
Ripple co-founder Chris Larsen endorsed Democratic Presidential nominee Kamala Harris.
Kamala Harris received support from 88 corporate executives from top American companies.
Crypto companies are at the forefront of corporate donations to presidential candidates this election season.
Ripple co-founder Chris Larsen is backing current Vice President and Democratic nominee Kamala Harris for President.
This marks a significant shift from the common election trend of portraying Harris as anti-crypto.
A Strategic Move Ahead of the November Elections?
In a letter shared with CNBC, Ripple co-founder and 88 current and former corporate executives backed Harris for the President role.
The signatories include several high-profile CEOs, including the heads of Yelp, 21st Century Fox, Box, Yelp, and several others. In addition to key executives of some of the most prominent American corporates, the letter also had signatures from philanthropists such as Lynn Forrester de Rothschild, D.C. sports magnate Ted Leonsis, Twilio co-founder Jeff Lawson, and private equity billionaire José Feliciano.
The backing from different corporate chiefs is seen as a strategic move in the run-up to the November bond U.S. Presidential elections. Furthermore, experts believe corporate endorsement from high-profile Wall Street giants could favor Harris, who is currently trailing Donald Trump in the Polymarket polls.
Donald Trump vs Kamala Harris | Credit: Polymarket
Crypto Executives Join Kamala Harris’s Campaign
Crypto regulations are a key policy focus this election season. This is evidenced by growing lobbying efforts and a multi-fold rise in corporate crypto donations. These donations are intended to help pro-crypto candidates replace the current set of anti-crypto lawmakers.
Ripple is one of the top corporate crypto donors, spending over $100 million on Super Political Action Committees (PAC) that donate to political campaigns of various candidates. While Ripple, as a tech company, hasn’t made any key remarks on which Presidential candidate it is backing, it has supported Massachusetts Republican Primary winner John Deaton.
Additionally, the support from Larsen marks the second prominent Ripple executive to back Harris’s campaign. In August, former Ripple board member Gene Sperling left the White House to join Kamala Harris’ 2024 presidential campaign. Sperling has served the Biden administration since 2021 before joining the VP Presidential campaign.
In addition to the backing of key Ripple executives, Harris’s campaign boasts the support of David Plouffe, a former Binance and Alchemy Pay advisor.
On one hand, former President Trump has become pro-crypto for his election campaign despite a notorious anti-crypto stance during his Presidential tenure. On the other hand, Harris, who has remained tight-lipped on her crypto stance, has the backing of key crypto executives.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
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