- One of the leading super PACs behind Kamala Harris is now accepting crypto donations through Coinbase Commerce, the exchange has revealed.
- Kamala has yet to take a stand on crypto, even as her opponent, Donald Trump, continues to befriend the sector, including by launching a national DeFi project.
One of the most influential super PACs behind Democratic presidential candidate Kamala Harris can now receive donations in crypto.
Future Forward, the largest Democratic-leaning super PAC, will rely on America’s largest crypto exchange for crypto donations. In a statement to media outlets, the exchange’s spokesperson stated:
Coinbase can confirm that Future Forward has onboarded with Coinbase Commerce to accept crypto donations.
Coinbase Commerce is the exchange’s tool for merchants, allowing users to receive crypto payments and then either custody it that way or convert it to other tokens or fiat.
The move is the most positive by the Harris camp as she battles to become the first female president of the world’s largest economy.
However, it’s important to note that Future Forward PAC doesn’t speak for Harris or her camp, despite the close relationship. In the US, PACs (short for political action committees) are organizations that collect money from donors and then donate it to or against a political candidate or even a particular bill in Congress. Super PACs are elevated PACs that can collect any amount of money and then use it to woo voters. However, they can’t donate directly to the candidates. These organizations are very well-funded, with one platform showing they had collected $2.2 billion for this election cycle. Future Forward alone has raised $164 million.
Future Forward is the main Super PAC behind Harris, and it’s likely aligned with her policies, giving the crypto industry renewed hope that its interests will be protected regardless of which candidate wins the election.
JUST IN:
Kamala Harris is using Coinbase to accept crypto campaign donations – Fortune pic.twitter.com/UpFAg82dRH
— Radar
(@RadarHits) September 4, 2024
The Crypto Election—Will Crypto Push Harris to Presidency?
It’s still too early to assume that Harris has converted into a crypto believer. However, it’s not a far-fetched conclusion. After all, Trump has been relentless in his wooing of crypto. As we have reported, he has pledged to fire Gary Gensler if he takes office, establish a national Bitcoin reserve as the US dollar takes a beating globally, and most recently, is establishing a national DeFi project for the marginalized and to fight the “rigged” legacy financial system.
However, Harris has been in the government for four years as the second-most powerful person in the US. In that time, Biden’s administration has cracked the whip on crypto relentlessly, with Gensler becoming crypto’s main villain.
However, Harris has no obligation to follow in the steps of her predecessor and can decide to become a crypto advocate. On the flip side, it can all be a ploy to get her the extra votes she needs from the millions of American crypto holders. Posing as crypto-friendly can also attract millions of dollars as the sector has been donating generously in this election cycle. One PAC in particular, Fairshake, has donated to pro-crypto candidates in 35 elections, and its candidates have won 33.
Alesia Haas, the Coinbase Chief Financial Officer, commented:
She has a huge opportunity. We’re cautiously optimistic. She has not rolled out the details yet, but she has made overtures that she would like to drive crypto legislation.
