Chris Larsen’s $22.5 Million Midterm Bet Takes on Big Tech and AI Regulation
Ripple co-founder and executive chairman Chris Larsen has donated at least $22.5 million directly to federal candidates and political action committees in the current US election cycle, making him one of the cycle’s most active individual donors — and one of its most unusual. While much of the crypto industry’s money backs candidates friendly to digital assets, Larsen is also spending to regulate artificial intelligence, support clean energy and tax the ultra-wealthy, putting him at odds at times with the industry super PAC his own company helps fund. The figure, drawn from Federal Election Commission records and first reported in October, has been updated through late-October filings and reframed in a November 2 profile of Larsen’s midterm strategy. With Americans voting on November 3, his spending illustrates how a small number of wealthy donors are shaping the policy fights — over AI, crypto and taxation — that the next Congress will decide.
Where the money went
The largest single donation in the FEC breakdown is $6 million to the Invest in Tomorrow Coalition PAC, which supports candidates who back renewable-energy incentives and opposes lawmakers who vote against them. Larsen also gave $4.5 million to You Can Push Back, a super PAC he founded that advocates AI safety regulation and protections for children from AI-related risks. He has backed The Campaign for Democracy, the political organisation launched by California Governor Gavin Newsom, and has indicated he would support Newsom if he enters the 2028 presidential race. Late-October filings added smaller, targeted sums: $57,800 to the Abdul for Michigan Victory Fund, supporting Democratic Senate nominee Abdul El-Sayed, and $18,500 to the Ohio Grassroots Victory Fund.
The Fairshake split
The most revealing part of Larsen’s spending is where he broke with his own industry. After the crypto super PAC Fairshake announced a $30 million campaign opposing Democratic Senate candidate Sherrod Brown in Ohio, Larsen personally gave $4 million to Brown’s campaign and criticised Fairshake’s decision as a poor one. The split matters because Ripple itself is one of Fairshake’s largest funders, contributing about $48 million to Fairshake this cycle, according to FEC-based reporting. Fairshake has transferred $139 million to affiliated committees: $106 million to Defend American Jobs, which backs Republicans, and $33 million to Protect Progress, which supports Democrats. Larsen’s personal donations and Ripple’s corporate donations therefore point in different directions in Ohio — a sign, analysts say, that the crypto industry is not a single political bloc.
What is at stake: AI, crypto rules and taxes
Larsen’s priorities span three policy fights. On crypto, he supports the CLARITY Act, which would clarify whether digital assets are treated as securities or commodities — a question he has called the industry’s biggest unresolved issue. The bill stalled after a split with Senate Democrats, and a Senate cloture vote on proceeding failed 49–50 on September 15. On AI, his You Can Push Back PAC pushes for safety rules and child-protection guardrails, positioning him against AI companies resisting regulation. On taxation and energy, his giving backs clean-energy incentives and higher taxes on the wealthy, including opposition in California to a proposed billionaire wealth tax that he argues could drive entrepreneurs out of the state. Across the industry, crypto companies and executives have donated more than $176 million this cycle, and the top 50 midterm donors overall have given about $2.77 billion, with roughly $1.67 billion going to Republican-leaning causes and $832 million to Democratic-leaning causes, according to FEC-based tallies cited in recent reporting.
Why it matters on election day
Donor spending does not decide elections, but it shapes which issues get airtime and which candidates can compete in expensive races. Larsen’s case is distinctive because it cuts across the usual lines: a crypto billionaire funding AI regulation, a Democratic megadonor opposing a wealth tax, and a Fairshake funder financing the candidate Fairshake is trying to defeat. Whatever the November 3 results, the regulatory fights he is funding — over AI safety, crypto market structure and taxation — will be on the next Congress’s agenda.
FAQ
How much has Chris Larsen donated this cycle? At least $22.5 million directly to federal candidates and super PACs, per FEC records — a reported minimum, not a final tally, as filings continue to be processed.
Is that the same as Ripple’s spending? No. Larsen’s personal total is separate from Ripple’s roughly $49.6 million in company donations this cycle, most of it to Fairshake.
Why did Larsen back Sherrod Brown against Fairshake? After Fairshake announced $30 million opposing Brown, Larsen gave Brown $4 million and criticised the move; reporting ties the dispute to the stalled CLARITY Act.
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Sources
CoinGape, October 29, 2026: https://coingape.com/ripple-chairman-democratic-megadonor-chris-larsens-latest-donations-in-midterms/
CoinGape, October 9, 2026: https://coingape.com/ripple-chairman-democratic-megadonor-chris-larsen-donated-22-5m-us-fec/
EconoTimes, October 9, 2026: https://econotimes.com/Ripple-Chairman-Chris-Larsen-Donates-225-Million-Ahead-of-US-Midterms-1754515
Firstpost, October 2026: https://www.firstpost.com/business/crypto-billionaires-pour-56-million-into-us-politics-as-midterm-battle-heats-up-14055785.html
Crypto.news, November 2, 2026: https://crypto.news/crypto-funded-the-midterms-which-races-matter-for-its-agenda/
