Crypto industry influence shapes Democratic primary as Chris Larsen-backed Scott Wiener advances with $10 million in funding.
A candidate backed by Ripple co-founder Chris Larsen defeated Stripe founding engineer Saikat Chakrabarti in California’s 11th Congressional District primary. Wiener secured a lead with 50% of votes tallied, advancing to a runoff to succeed Nancy Pelosi, while Chakrabarti garnered 15% support, per early results.
Chakrabarti, who left Stripe in 2013, campaigned as a progressive, criticizing tech oligarchs and crypto billionaires. His opponent, Scott Wiener, benefited from $10 million in self-funding and support from a pro-crypto PAC linked to Larsen, highlighting the growing political clout of the crypto sector.
The outcome underscores the crypto industry’s expanding role in U.S. elections, with candidates backed by digital asset advocates gaining traction in key races.