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06/04/2026

Ripple-Backed Candidate Wins Pelosi Seat Primary as Stripe Millionaire Falls Short

What happened: In California's 11th Congressional District, Scott Wiener advanced with 41.

Ripple-Backed Candidate Wins Pelosi Seat Primary as Stripe Millionaire Falls Short

What happened: In California's 11th Congressional District, Scott Wiener advanced with 41.3% of the vote, defeating former Stripe engineer Saikat Chakrabarti, who finished third with 14.9% despite self-funding up to $10 million. Wiener benefited from the "Abundant Future" PAC, which spent $65,200 against Chakrabarti and received $100,000 from Ripple co-founder Chris Larsen, along with contributions from other tech figures.

Why it matters: While crypto money played a role, Wiener's victory was also supported by broader tech interests. The result underscores the growing but still limited influence of crypto donors in US politics—Larsen's $100,000 contribution was significant but not decisive. Chakrabarti's campaign rhetoric targeting "tech oligarchs and crypto billionaires" highlights ongoing tensions between progressive and establishment factions in Silicon Valley and beyond.

Source: Decrypt