Key Takeaways
- Coinbase’s CFO shared that Kamala Harris’s campaign was accepting crypto donations.
- However, the company later clarified that a super PAC closely aligned with Harris’s campaign was accepting crypto donations.
- The super PAC’s acceptance of crypto donations is a major development, considering crypto donations have been surging this election season.
While Democratic presidential candidate Kamala Harris has stopped short of embracing cryptocurrencies as forthrightly as some of her rivals, reports from Alesia Haas, Coinbase’s chief financial officer (CFO), emerged that her campaign was accepting crypto donations.
However, before the crypto community could celebrate, it became clear that there was more to the story.
Coinbase CFO Misspoke?
In a surprising admission on Wednesday, Sept. 4, Haas disclosed that Vice President Kamala Harris’s campaign was accepting crypto donations through the Coinbase Commerce platform.
But before the news could ferment, Coinbase quickly corrected Haas’s statement, clarifying that Future Forward, a super political action committee (PAC) closely aligned with Harris’s campaign, was the one that was accepting the crypto donations.
While the correction fell short of a direct endorsement, it still signals Harris’s campaign’s willingness to engage with the asset class.
Future Forward is one of Harris’s biggest backers. In June, the super PAC announced it planned to raise over $50 million to support the Vice President’s campaign.
The super PAC’s acceptance of crypto donations is a major development, particularly as pro-crypto policies gain increasing relevance in the political landscape.
It also allows Future Forward, and by extension, the Harris campaign, to tap into a broader spectrum of supporters, especially considering that crypto donations have emerged as some of the largest and most significant contributors to political campaigns this year.
Crypto Donations Pile In
Crypto PACs have emerged as a defining flavor of the 2024 Presidential race, with contributions surpassing $200 million. Corporate donations in the crypto space have surged by over 3,000% this election season.
Industry giants like Ripple and Coinbase are among the top contributors to pro-crypto PACs like Fairshake.
Not only are crypto PACs topping the donation charts, but they are also proving influential in the election outcomes. Reports reveal that candidates backed by crypto super PACs have clinched 33 out of 35 primaries in the U.S., with Ripple-backed John Deaton being the latest.
Harris’s Crypto Ambitions Take Shape
Reports of Harris’s overtures to crypto industry giants, including Coinbase, have been circulating for some time.
There’s no denying that Harris is slowly embracing crypto, especially after reports of the Vice President approaching crypto industry giants like Coinbase.
Recently, speaking at a Bloomberg roundtable at the Democratic National Convention (DNC) in Chicago, senior policy advisor to the Harris campaign, Brian Nelson, shared that Harris was going to support policies that “ensure that emerging technologies and that sort of industry can continue to grow.”
Still, in contrast to her rivals, Harris has been largely mum on her crypto stance, allowing her opponents to capitalize on the growing enthusiasm for digital assets.
Former President Donald Trump, once a vocal crypto critic, has reversed course and now, enthusiastically promises to make the U.S. a crypto hub.
Polymarkets says the former President leads 53% in the polls, while Harris trails at 46%, at the time of writing.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
Beyond his professional pursuits, Prashant is an avid music enthusiast, often exploring diverse genres to unwind. A sports lover, he has a particular passion for cricket and frequently engages in discussions about the game. His multifaceted interests and sharp journalistic instincts make him a valuable contributor to CCN, where he continues shaping the crypto landscape's narrative.
