WASHINGTON — Ripple co-founder Chris Larsen confirmed he will support California Governor Gavin Newsom's 2028 presidential campaign, pledging to help "any way we can." Larsen's commitment injects crypto wealth into the early Democratic primary, boosting Newsom's financial standing against potential rivals.
Larsen, whose net worth is estimated at $3 billion, has a history of political contributions focused on digital asset policy. In 2022, he spent $20 million of his personal funds to defeat Proposition 27, a California ballot initiative that would have taxed crypto transactions for homeless programs. His company, Ripple Labs, has spent more than $10 million lobbying Congress and federal agencies since 2018, primarily advocating for clear regulatory frameworks for XRP and other digital currencies.
Newsom gains an early, deep-pocketed donor for what will be an expensive national race, potentially easing initial fundraising pressures. For Larsen and the broader crypto industry, this backing provides a direct line to a potential future president, offering a strategic avenue to advocate for less restrictive federal policies.
The alliance sets a precedent for other crypto billionaires eyeing influence in national elections, moving beyond single-issue PACs to long-term political investment in presidential candidates. This strategy aims to secure broader ideological alignment rather than merely influencing specific legislative votes.
Newsom's potential embrace of crypto-friendly positions could differentiate him in a crowded Democratic field. Other candidates might face pressure to articulate their own stances on digital assets as industry players like Larsen increase their political spending.
