Ripple co-founder Chris Larsen donates $1 million in crypto to PAC supporting Kamala Harris' campaign

Ripple co-founder Chris Larsen donated $1 million in crypto to a political action committee in support of Vice President Kamala Harris.

According to Federal Election Commission filings , Larsen made that $1 million donation on Aug. 14 in a "non-contribution account; in-kind: 1,754,815.29 XRP +2.36% not liquidated." Those funds were made out to Future Forward PAC, which accepts crypto donations on behalf of Harris' presidential campaign.

Future Forward PAC works with Coinbase Commerce — a platform that automatically converts the user's chosen currency into the stablecoin USDC to reduce volatility, according to its website.

Fox Business' Eleanor Terrett first reported the news about Larsen's donation and said it was the first crypto donation made to Harris.

The PAC has so far raised over $200 million, according to data from Aug. 31 on Open Secrets. Former New York City Mayor Michael Bloomberg, venture capitalist Reid Hoffman and crypto exchange Coinbase have made donations over the past year. The PAC was initially supporting President Joe Biden 's bid for reelection before he dropped out of the race and is now funding Harris' campaign.

Crypto has quickly made itself a hotly contested election issue as elections quickly approach on Nov. 5. Last month, Democratic presidential candidate Harris said her administration would encourage innovative technologies like AI and digital assets while protecting consumers and investors," according to her 80-page economic plan . Meanwhile, Republican presidential candidate Donald Trump has made his own pledge to end an "unlawful and un-American crackdown" on the U.S. crypto industry and is seen as being friendly toward the industry.