Chris Larsen, who co-founded Ripple and serves as its executive chairman, says his political donations have topped $22.5 million ahead of the November 3 US midterm elections, with his giving spanning renewable energy, artificial intelligence, and cryptocurrency regulation. Reuters, which tracked the contributions using a different method, counted at least $14.6 million in disclosed giving. Midterm elections decide every seat in the House of Representatives and about one-third of the Senate.

Chris Larsen Funds Democrats and Issue Groups

Federal records show Larsen gave $57,800 to Abdul for Michigan Victory Fund and $18,500 to the Ohio Grassroots Victory Fund on September 30. Both committees raise money for Democratic candidates and party organizations, including Senate hopefuls Abdul El-Sayed and Sherrod Brown.

His issue-based spending is substantially larger. Larsen donated $6 million to the Invest in Tomorrow Coalition, which backs candidates supporting renewable energy incentives, and $4.5 million to You Can Push Back, a group focused on artificial intelligence safety measures. Those contributions come amid rising investment in the AI sector. The gap in scale follows election law: direct donations to candidates are capped by federal limits, while outside spending groups can accept unlimited contributions.

Other donations include support for California Governor Gavin Newsom's Campaign for Democracy committee. Federal records also list a $3,000 contribution to Republican Representative Jay Obernolte, although the vast majority of Larsen's reported giving supports Democratic candidates or issue-based groups.

Ripple Backs Crypto Political Committees

Ripple, the payments company Larsen co-founded, has contributed roughly $49.6 million this election cycle, a figure that places it among the largest corporate political donors. About $48.5 million of that total went to Fairshake, a super PAC funded by cryptocurrency businesses. As a super PAC, Fairshake may raise unlimited sums from companies and individuals to support or oppose candidates, so long as it operates independently of their campaigns. Formed ahead of the 2024 election cycle, Fairshake and its affiliates ranked among the largest outside spenders in that cycle's congressional races.

The company's political activity is separate from its product plans. Ripple and Robinhood intend to launch the RLUSD stablecoin for retail customers before year-end. Ripple's election spending, meanwhile, supports candidates from both major parties who favor digital asset legislation.

Fairshake has transferred $139 million to affiliated groups. Of that, $106 million went to Defend American Jobs, which backs Republican candidates, and $33 million to Protect Progress, which supports Democrats. Both groups campaign on cryptocurrency-related policy positions.

Ohio Senate Contest Exposes Funding Split

The divide between Larsen and the crypto-funded super PAC played out publicly in Ohio's Senate race. Fairshake announced a $30 million effort opposing Democratic Senate candidate Sherrod Brown after the CLARITY Act stalled in Congress. Brown, who chaired the Senate Banking Committee before losing his Ohio seat in 2024, has been a longtime skeptic of digital asset legislation, and crypto-backed groups spent heavily against his 2024 campaign. Larsen responded by backing Brown with $4 million.

"It was a really poor decision," Larsen said of Fairshake's move.

The stalled legislation sought to establish federal rules for digital assets. It cleared the House in July 2025 but has not advanced in the Senate. In a separate matter, an OKX and ICE tokenized stock proposal has drawn objections from listed companies. Both disputes concern how blockchain-based financial products should be governed in the United States.

The spending reflects a broader surge in midterm fundraising. The 50 largest midterm donors have given about $2.77 billion, with roughly $1.67 billion flowing to Republican-leaning causes and $832 million to Democratic-leaning causes. Crypto-linked donors alone have contributed more than $176 million ahead of the elections. The November 3 results will determine the makeup of the Congress that ultimately decides the fate of the stalled market structure bill and other blockchain policy measures.

Source: CoinCentral