Signaling a potential shift from previous skeptical stance, vice president Kamala Harris is reportedly utilizing Coinbase’s Commerce platform to accept crypto donations for her campaign.
Alesia Haas, Coinbase’s Chief Financial Officer, disclosed this information during a discussion at Citi’s 2024 Global TMT Conference in New York, as reported by Fortune.
A Shift In Democratic Attitude Toward Crypto?
Following Haas’s announcement, a Coinbase spokesperson confirmed to the news outlet that Future Forward, Harris’s official political action committee (PAC), has indeed joined Coinbase Commerce.
The platform, which has been operational since 2018, allows merchants to easily accept cryptocurrency payments. However, the Harris campaign has yet to publicly address this development.
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Historically, the Democratic Party, under President Joe Biden, has shown a more cautious approach toward cryptocurrency compared to Republican counterparts. Yet, recent lobbying efforts suggest a potential shift in this stance.
Haas noted that Harris’s acceptance of crypto donations represents a pivotal moment, indicating a growing willingness to engage with the crypto community. “She is accepting crypto donations. She’s using Coinbase Commerce now to accept crypto for her own campaign,” Haas stated.
Despite this claim, the advocacy group Crypto4Harris expressed uncertainty about the actual acceptance of crypto donations by Harris, as her official fundraising site currently does not reflect this integration. In June, Future Forward announced it had successfully raised $50 million to support Harris, indicating strong financial backing.
‘Kamala Harris Has Unique Opportunity’
The conversation around cryptocurrency in political campaigns is evolving, as Haas mentioned that Coinbase is seeing “increased political spending” as the company anticipates potential regulatory clarity in the US following the upcoming November elections.
Coinbase’s CFO pointed to the unique opportunity for digital asset advocacy, suggesting that this could lead to more favorable policies in the near future.
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Coinbase has recently contributed to Fairshake, a political action committee that supports pro-cryptocurrency candidates. During the second quarter, Haas noted “incremental” contributions to this PAC, which has reportedly won 32 of the 34 elections it has participated in, demonstrating the growing influence of crypto-related funding in politics.
While Coinbase CEO Brian Armstrong stated that the company has not directly donated to any presidential campaigns other than the Senate race, the implications of Harris’ embrace of digital assets could signal a significant turning point.
On this matter, Haas said that the potential for Vice President Harris to positively shape digital asset legislation was positive, stating, “She has a huge opportunity. We’re cautiously optimistic.”
At the time of writing, the total digital asset market cap continues to decline in value and is currently sitting at $1.93 trillion, down from $2.25 trillion at the end of August. Bitcoin, on the other hand, the largest digital asset on the market, is trading at $56,300, leading the broader market decline with a 3% price drop in the 24-hour time frame.
Featured image from DALL-E, chart from TradingView.com