The Future Forward political action committee (PAC), supporting Vice President Kamala Harris’s presidential campaign, has partnered with Coinbase Commerce to accept cryptocurrency donations.
As one of the leading Democratic-leaning PACs, Future Forward has raised approximately $164 million, according to data from OpenSecrets as of September 4. Initially backing President Joe Biden’s reelection bid, the PAC has shifted its support to Harris after Biden exited the race.
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Trump Campaign Also Uses Coinbase for Crypto Donations
Future Forward’s move mirrors the Trump campaign, which adopted Coinbase Commerce for crypto donations in May. At the time, his campaign said crypto enthusiasts could donate using “any cryptocurrency accepted through the Coinbase Commerce product.”
“Biden surrogate Elizabeth Warren said in an attack on cryptocurrency that she was building an ‘anti-crypto army’ to restrict Americans’ right to make their own financial choices,” the former president’s campaign said.
Coinbase Commerce is a platform that facilitates instant cryptocurrency transactions, allowing users to donate a wide range of digital assets. It automatically converts the chosen cryptocurrency into the stablecoin USDC to minimize volatility.
The platform supports major cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, and others, and assets on the Polygon network.
CRYPTO & POLITICS: HARRIS NOT TAKING CRYPTO DIRECTLY, BUT PAC IS
Kamala Harris isn’t taking crypto donations directly, but the Future Forward USA PAC is!
A Coinbase spokesperson confirmed that the PAC, which backs Harris, has onboarded Coinbase Commerce to accept crypto.… pic.twitter.com/pcm9wiT7LZ
— IBC Group Official (@ibcgroupio) September 5, 2024
Earlier reports suggested Harris’s campaign might directly accept crypto donations. However, the Future Forward PAC is handling crypto donations on behalf of Harris, which contradicts previous information.
In June, Coinbase made its first contribution to Fairshake, a political action committee created to support pro-crypto candidates. By then, the super PAC had reportedly succeeded in 32 out of 34 elections it participated in.
Meanwhile, Coinbase CEO Brian Armstrong reportedly stated that the company has not directly donated to either Presidential campaign.
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Crypto Leaders Plan Fundraising for Harris
A group of crypto industry leaders is organizing a fundraiser to support Harris, aiming to shape her stance on cryptocurrency should she win the presidential election in November. According to a Reuters report, the fundraiser, set for September 13 in Washington, D.C., aims to raise $100,000.
Led by the Blockchain Foundation, the initiative highlights that some in the crypto community back Harris over her opponent, Donald Trump, despite her relatively low-key position on cryptocurrency.
The crypto industry has encountered significant regulatory challenges under the Biden administration, with the U.S. Securities and Exchange Commission (SEC) pursuing enforcement actions against major firms for alleged securities law violations.
The Harris campaign has shown some engagement with the crypto sector, holding meetings with industry executives in August and earlier in July.
At the Democratic National Convention, Harris’ senior campaign adviser, Brian Nelson, indicated that she would support policies encouraging the growth of emerging technologies, including cryptocurrency.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
