Saikat Chakrabarti, a founding engineer at payment processor Stripe, lost his bid for Congress in California on Tuesday, failing to advance past the primary for California's 11th Congressional District as Democrat Scott Wiener, significantly backed by Ripple co-founder Chris Larsen, moved forward. With 50% of votes tallied, Wiener and Connie Chan advanced from the all-party race and were set to face off to succeed Nancy Pelosi, per NBC News, while Chakrabarti received 15% of votes. Larsen contributed $100,000 to political action committee Abundant Future, which spent roughly $65,200 in opposition to Chakrabarti, and donated $7,000 directly to Wiener's campaign, according to Federal Election Commission filings. The results reflect the crypto industry's increasing political influence, with candidates facing well-funded opposition from blockchain-affiliated backers.
Chakrabarti, who left Stripe in 2013, positioned himself as a progressive advocating for a ban on congressional stock trading and calling out "tech oligarchs and crypto billionaires who oppose our agenda." His criticism targeted Abundant Future, a PAC formed late last year.
Ripple Co-Founder Provided Financial Support to Chakrabarti's Opponent
Chris Larsen, Ripple co-founder and Executive Chairman, contributed $100,000 to Abundant Future, becoming its largest individual backer, per Federal Election Commission filings. The PAC spent roughly $65,200 in opposition to Chakrabarti. Larsen, who has a history of supporting moderate Democrats, also donated $7,000 to Wiener's official campaign organization.
Y Combinator CEO Garry Tan donated $25,000 to Abundant Future alongside $20,000 from Jeremy Liew, formerly of Lightspeed Venture Partners. Both firms have invested heavily in blockchain infrastructure and crypto exchanges.
Crypto Industry Backed Multiple Congressional Candidates
In 2024, Larsen donated a total of $11 million worth of XRP to a Democrat-aligned political action committee called Future Forward USA in support of then-Vice President and presidential nominee Kamala Harris. Ripple later gifted $5 million worth of XRP to Trump's inaugural fund. The firm had gained influence on Capitol Hill by backing Fairshake, a pro-crypto PAC that raised nearly $300 million during the election season alongside affiliates.
Last month, Fairshake claimed victory after six congressional candidates won primaries across the country with over $20 million in crypto industry support.
Chakrabarti Spent Nearly $10 Million and Advocated for CBDCs
Per Politico, Chakrabarti spent nearly $10 million on his own campaign. Chakrabarti, a former chief of staff to Rep. Alexandria Ocasio-Cortez (D-NY), told Mission Local in April that he's a "fan" of central bank digital currencies, insisting that the technology could make it easier for the U.S. to offer people relief in times of crisis. Unlike stablecoins, CBDCs are issued by governments, prompting financial surveillance concerns among conservatives.
Coincidentally, Y Combinator backed Stripe during the company's seed round in 2009. The payments giant, which has gone all-in on stablecoins, reached a $159 billion valuation in February after unveiling an employee tender offer and stock buyback program.
FAQ
What percentage of votes did Saikat Chakrabarti receive in the California congressional primary?
With 50% of votes tallied, Chakrabarti received 15% of votes in the all-party race for California's 11th Congressional District, per NBC News. Democrats Scott Wiener and Connie Chan advanced to face off to succeed Nancy Pelosi.
How much did Ripple co-founder Chris Larsen contribute to political campaigns?
Chris Larsen contributed $100,000 to political action committee Abundant Future, which spent roughly $65,200 against Chakrabarti, and donated $7,000 directly to Scott Wiener's official campaign organization, according to Federal Election Commission filings. In 2024, Larsen donated a total of $11 million worth of XRP to Future Forward USA in support of Kamala Harris.
What is Saikat Chakrabarti's position on central bank digital currencies?
Chakrabarti told Mission Local in April that he's a "fan" of central bank digital currencies, stating that the technology could make it easier for the U.S. to offer people relief in times of crisis. Unlike stablecoins, CBDCs are issued by governments.
