Ripple co-founder donates approximately 3.6 billion yen for U.S. midterm elections amid backlash against cryptocurrency organization

Key points of this article

• Backlash against efforts to defeat Brown
• Ripple has contributed 7.6 billion yen to cryptocurrency-supporting PAC this term

Criticism of Fair Shake's stance against Brown

Chris Larsen, co-founder of Ripple and billionaire, has donated at least $22.5 million (approximately 3.6 billion yen) to congressional candidates and super PACs for the U.S. midterm elections, with intentions to invest further. His main areas of interest include cryptocurrency and AI (artificial intelligence), as reported by Bloomberg on the 9th.

Larsen revealed his opposition to the Fair Shake super PAC's strategy of supporting candidates friendly to cryptocurrency. In response to Fair Shake's plan to invest $30 million (approximately 4.7 billion yen) to defeat Democratic Senate candidate Sherrod Brown, Larsen contributed $4 million (approximately 600 million yen) to Brown's campaign.

Larsen pointed out that he has had multiple dialogues with Brown, who does not take an outright opposition to cryptocurrency. Unlike liberal figures such as Elizabeth Warren, he stated that attempting to defeat Brown is a "big mistake."

Brown has served as a congressman for about 18 years but lost a close race in the 2024 election to pro-cryptocurrency candidate Bernie Moreno (Republican). Fair Shake had also contributed funds to defeat Brown during this time.

During his previous tenure, Brown warned that cryptocurrency could become a breeding ground for money laundering and promoted regulatory enhancements, which is believed to have made him a target for Fair Shake.

According to Signals 330, Brown's campaign manager stated in April that Brown intends to maintain a "flexible (open-minded)" stance towards cryptocurrency. However, this was retracted following Fair Shake's announcement of an attack plan against Brown.

Ripple discusses continued funding

Ripple itself has contributed $48 million (approximately 7.6 billion yen) to Fair Shake during this election cycle, with a total of $93 million (approximately 14.7 billion yen) contributed in previous elections. It is a major funder alongside Coinbase and Andreessen Horowitz.

According to a spokesperson for Ripple, CEO Brad Garlinghouse and Larsen are considering whether to continue funding Fair Shake. The final decision is said to rest with Garlinghouse.

Additionally, Larsen has taken a safety-focused stance on AI, contributing over $4.5 million (approximately 700 million yen) to the super PAC "You Can Push Back" in opposition to the pro-AI organization "Leading the Future."

Fair Shake to support 32 incumbents

Fair Shake and its related PAC announced plans to support 32 incumbents (19 Republicans and 13 Democrats) in the upcoming House elections scheduled for November. The aim is to maintain a group of pro-cryptocurrency lawmakers in the next Congress, supporting candidates who promote cryptocurrency regardless of party affiliation. CNBC reported on the 5th.

Of these, at least $6 million (approximately 950 million yen) will be invested in six candidates. As of early September, the available funds, including two related organizations, amounted to approximately $120.4 million (approximately 19.1 billion yen), and during the first half of this cycle, $71 million (approximately 11.2 billion yen) was invested in primaries, winning 53 out of 57 races.

One of the backgrounds is that the long-awaited "Clarity Act" in the cryptocurrency industry could not advance in the Senate. All 32 candidates had supported the bill when it passed the House in July 2025.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.