Saikat Chakrabarti, a former Stripe engineer, lost his congressional bid to succeed Nancy Pelosi in California. The winner was a candidate backed by Ripple co-founder Chris Larsen.
The Race for Pelosi's Seat
The contest to represent California's San Francisco-based district drew national attention. Pelosi, the former House speaker, is retiring after decades in office. Chakrabarti, an early employee at the payments company Stripe, ran on a tech-focused platform. But he fell short against a candidate who received significant support from Larsen, a prominent figure in the cryptocurrency world.
Chakrabarti's Background
Chakrabarti worked at Stripe during its early years, helping build the company's engineering team. He later turned to politics, advocating for technology and innovation. His campaign emphasized his engineering roots and a vision for modernizing government. But it wasn't enough to overcome the backing his opponent received from Larsen.
Larsen's Political Play
Chris Larsen, who co-founded the blockchain company Ripple, has become increasingly active in political races. This election marked one of his highest-profile involvements. By backing the winning candidate, Larsen demonstrated his ability to shape outcomes in key Silicon Valley-adjacent districts. The result underscores the growing influence of crypto industry figures in California politics.
Next Steps
Chakrabarti's defeat ends his first run for Congress. He has not announced plans for a future campaign. The winner will take Pelosi's seat when the new Congress convenes. What role Larsen's support played in the final margin remains a question — but the outcome is clear.
