Ripple Co-Founder Backs Kamala Harris for a New Crypto Future in the U.S.

Larsen’s endorsement of Harris largely centers on her approach to crypto policy. He believes Harris would bring a fresh perspective compared to the Biden administration’s stance on digital assets. In an interview on October 28, Larsen shared his confidence that Harris, with her roots in California’s tech industry, would foster U.S.-based innovation and introduce a more constructive regulatory approach to crypto.

Larsen emphasized that he sees a need for a “reset” in crypto regulation, expressing disappointment in the Biden administration’s approach, which he felt had been poorly managed and overly influenced by figures like Senator Elizabeth Warren. In his view, the administration’s policies failed to support the growth of digital assets, leading to challenges for companies operating in the crypto space. He hopes Harris will bring “bipartisan support and weight” for crypto in government, regardless of the election outcome.

Larsen’s contributions make him one of the most prominent crypto industry donors in the current election cycle, surpassing others like Gemini co-founders Cameron and Tyler Winklevoss, who contributed around $2 million to PACs backing Republican candidate Donald Trump. Many contributions from the crypto sector are also directed toward congressional races, as these elected officials will play key roles in shaping U.S. crypto regulations. One example is the PAC Fairshake, supported by major crypto companies like Ripple and Coinbase, which has spent millions supporting or opposing specific candidates in the House and Senate.

In terms of policy impact, Fairshake’s spending reflects significant support for Republican candidates. Still, Larsen believes a Harris administration could bring a more balanced, bipartisan approach that would ultimately benefit the industry. He remarked that his support for Harris balances out earlier donations on the Republican side, suggesting this bipartisan backing could be valuable for the industry.

Upcoming elections are set to impact crypto regulation significantly, with key races like the Massachusetts Senate race between Democrat Elizabeth Warren and Republican John Deaton and the Ohio Senate race between Democrat Sherrod Brown and Republican Bernie Moreno drawing substantial attention. As of late October, polls showed Harris and Trump in a close race across battleground states, making this election particularly impactful for the future of crypto policy in the U.S.