Ripple co-founder Chris Larsen joined 87 other corporate leaders in endorsing Vice President Kamala Harris for the White House, as reported by CNBC on Sept. 6.

The letter included several other high-profile signatories, including Aaron Levie (Box CEO), Jeremy Stoppelman (Yelp CEO), philanthropist Lynn Forester de Rothschild, private equity billionaire José Feliciano, Twilio co-founder Jeff Lawson, DC sports magnate Ted Leonsis, Snap chairman Michael Lynton, and former 21st Century Fox CEO James Murdoch.

Letter Overview

According to CNBC, the letter emphasized that electing Harris as president is the best way to support democracy and the economy’s strength, security, and stability.

The signatories believe Harris would implement fair policies that uphold the rule of law and foster a stable business environment.

The letter was not aimed at swaying the public but rather positioned as a political statement to boost Harris’s profile, especially with the first presidential debate just days away.

Harris and crypto

Larsen’s backing for Harris is notable due to Ripple’s consistent advocacy for blockchain innovation and drive to ensure that pro-crypto candidates are elected. Due to this, the firm has contributed millions to Fairshake, a federal super PAC supporting pro-crypto and pro-innovation candidates.

However, Larsen’s endorsement of Harris may seem unexpected since she has not publicly shared her position on the crypto sector.

Nevertheless, Larsen’s endorsement also signals Harris’s growing support within the crypto industry.

Although much of the sector favors former President Donald Trump for his pro-crypto policies, there is increasing interest in Harris. Recently, crypto executives and advocates reportedly discussed raising $100,000 for Harris’s campaign, hoping to influence her stance on crypto regulation if she wins.

J.P. Theriot, co-founder of Uphold, also voiced his support for Harris on X (formerly Twitter). Additionally, Harris’s campaign has begun accepting crypto donations via Coinbase.

Despite this support, Harris currently trails Trump in the decentralized prediction market Polymarket.

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Former President Donald Trump’s engagement with the crypto community is significantly bolstering his chances to win the 2024 presidential race, according to a Fairleigh Dickinson University (FDU) poll released on Aug. 30.

The FDU poll indicated that Trump holds a notable lead among voters who own crypto or related assets, outpacing Vice President Kamala Harris by 12 points in the 2024 US Presidential race.

According to the Poll:

“Trump leads by 12 points among likely voters who own crypto (50 to 38), while Harris leads by 12 among those who say that they don’t own crypto (53 to 41).”

Dan Cassino, a professor of Government and Politics at Fairleigh Dickinson and the Poll’s Executive Director, emphasized that Trump’s outreach to the crypto community appears to be paying off. He noted that the underlying ideology of crypto, rooted in a distrust of established power structures, aligns with Trump’s political messaging.

US crypto owners

The survey also revealed that 15% of registered US voters have owned crypto, NFTs, or similar digital assets, with this group largely comprising men, younger voters, and racial minorities.

The Poll further showed that Republicans are marginally more likely than Democrats to own crypto. However, this does not fully account for the 24-point difference in presidential support between crypto owners and non-owners.

Interestingly, individuals across the political spectrum—self-identified liberals, moderates, conservatives, progressives, and MAGA supporters—are equally likely to report owning digital assets.

Cassano stated:

“The fact that crypto owners aren’t conservatives or liberals or MAGA voters means that they’re up for grabs, and in an election that’s expected to be close, they’re too big a group to ignore.”

Trump’s crypto moves

In recent months, Trump has actively positioned himself as a pro-crypto candidate in contrast to Vice President Harris. He has launched several initiatives to strengthen this image, including the recent launch of his fourth non-fungible token (NFT) project.

Before this move, the former President became the first major presidential candidate to accept crypto donations in May. In July, he headlined the most significant Bitcoin event of the year in Nashville, Tennessee, where he promised to make BTC a federal reserve asset.

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Vice President Kamala Harris may need to attract more support from the crypto community to strengthen the Democratic Party’s chances of winning the November elections, according to a recent survey by crypto investment firm Paradigm.

The survey, which polled 804 registered Democrats, found that 13% are undecided about voting for Harris. Of these, 18% have invested in crypto, while 21% of these crypto investors feel the Biden administration has been “too hostile” toward the industry.

Overall, the survey indicated that due to the Biden administration’s perceived hostility toward crypto, a small but notable fraction of Democrats —between 1% to 2% — may be leaning toward Republican candidate Donald Trump.

The poll was conducted between July 25 and Aug. 1, shortly after Biden announced his withdrawal from the Democratic nomination. It has a 3.5% margin of error.

Democrats crypto

Meanwhile, the survey also revealed a growing interest in crypto among Democratic voters.

According to the report, 18% of Democrat voters have invested in crypto, with expectations that this figure will rise over the next year.

Among this demographic, 9% are “very likely” to invest in crypto in the coming year, and 18% are “somewhat likely.” Conversely, 54% indicated they are “not at all likely” to invest in the emerging industry.

Justin Slaughter, Paradigm’s policy director, pointed out that Democrats want the US to lead the world in high-tech software innovations “including cryptocurrency.” He said:

“If you think everyone dislikes crypto, that’s a sign you’re in an information bubble.”

Meanwhile, support for crypto is notably higher among non-white Democrats. While 18% of all Democratic voters reported owning crypto, the percentage is 22% among Black Democrats, 25% among Hispanic Democrats, and 27% among Asian American and Pacific Islander Democrats.

The survey also reveals that only 8% of respondents owned more than $1,000 in crypto, while only 5% owned more than $10,000.

Slaughter highlighted that the size of crypto holdings can influence election decisions. He noted:

“Among the 5% of Democrats who own more than $10,000 in crypto, 33% say it will be a voting issue for them, along with 23% of all crypto owners.”

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Russian lawmakers pass bill legalizing Bitcoin mining, crypto payments for international trade

Adoption 14 hours ago

The bill, which was first introduced a few years ago, is expected to take effect on Sept. 1,  pending final approval from the federation.

US President Joe Biden resigned from the upcoming November 2024 Presidential Election on July 21 and immediately endorsed Vice President Kamala Harris’s candidature.

Biden said:

“I have decided not to accept the nomination and to focus all my energies on my duties as President for the remainder of my term. My very first decision as the party nominee in 2020 was to pick Kamala Harris as my Vice President. And it’s been the best decision I’ve made. Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year.”

Biden’s move was entirely not surprising as he had been facing increasing pressure to drop out over the past few weeks after his disastrous showing at the debate against former US President Donald Trump.

Crypto platform Polymarket was praised by many, including Ethereumm’s Vitalik Buterin, for its ability to predict Biden’s move ahead of time.

“Really impressive showing from [Polymarket]. Not just predicting the outcomes well in advance, but also (through making conditional odds of different candidates visible) serving as an active input into collective decision making.”

Crypto community members have pointed out that Biden’s withdrawal from the presidential race presents the Democratic Party an opportunity to win back the crypto votes that have predominantly tilted towards the Republicans due to President Trump’s newfound pro-crypto stance.

On July 21, Variant Fund’s chief legal officer, Jake Chervinsky, emphasized that capturing crypto votes should be the “new nominee’s top priority in an election that will be won on the margins in states where crypto is a live issue.”

He added:

“I believe the Democrats have a huge opportunity, but only the new nominee can decide whether to take it.”

The Cedar Innovation Foundation, a crypto policy group, agreed. They suggested that with SEC Chair Gary Gensler and Senator Elizabeth Warren having influenced past White House policies, it’s time for fresh leadership. Colin McLaren, the Engagement Director of the Cedar Innovation Foundation, told CryptoSlate:

“A new generation of Democratic candidates in the House and Senate have made innovation-friendly policies a part of their policy platforms, and we hope that Vice President Harris and any other candidates who run for the nomination will do the same.”

How Democrats can win back crypto votes

Chervinsky provided five recommendations for the new candidate to win back crypto voters:

1. Recognize crypto’s importance to the US economy.
2. Acknowledge the failures of current regulatory approaches.
3. Propose balanced policies for innovation and consumer protection.
4. Suggest crypto-friendly appointees for key agencies like the SEC and CFTC.
5. Engage with crypto industry stakeholders

Cinneamhain Ventures partner Adam Cochran noted that while Harris has no public stance on crypto, she could sell herself to the industry by appointing a pro-crypto running mate. He further pointed out that the potential candidates for this role—Pete Buttigieg and Josh Shapiro—are pro-crypto.

He concluded:

“Given the backlash they’ve seen on the matter, and the field of moderates who have reasonable crypto takes, I think you’d expect an attempt to distance themselves from Gensler, Warren and Biden era policy on crypto.”

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