The move potentially opens up avenues for crypto players to be indirectly involveld in the Vice President’s campaign.
The Future Forward USA PAC, which supports Vice President Kamala Harris’ presidential campaign, is now accepting crypto donations through Coinbase Commerce.
This comes after a clarification following comments made by one of the company’s executives that initially caused confusion.
Coinbase Clarifies Misstatement
During Citigroup’s 2024 Global TMT Conference in New York this week, Coinbase Chief Financial Officer Alesia Haas appeared to suggest that the Democratic candidate was directly using the platform for her political contributions.
“She’s using Coinbase Commerce now to accept crypto for her campaign,” Haas told Citigroup’s director of payments, Peter Christiansen, in a conversation that was recorded and reviewed by Fortune.
However, a spokesperson for the exchange has since corrected the statement, explaining that she was referring to Future Forward USA, a pro-Harris PAC, rather than the Vice President’s election machinery itself.
“Coinbase can confirm that the Future Forward PAC has onboarded with Coinbase Commerce to accept crypto donations,” the spokesperson said in a follow-up with CoinDesk.
While Harris is not currently accepting crypto directly, the move by Future Forward USA may suggest an evolving stance among Democrats toward digital currencies.
Historically, the Biden administration has been criticized by the cryptocurrency industry for what some see as an anti-crypto regulatory stance.
In contrast, her Republican opponent, Donald Trump, has actively sought and won support from crypto enthusiasts and companies.
Future Forward USA, a hybrid campaign finance organization initially formed to support President Joe Biden, has been a significant player in Democratic political funding. The group can either contribute directly to a political movement or spend independently on advertising, provided there is no coordination with the candidate.
Crypto’s Growing Political Influence
Meanwhile, Haas acknowledged the growing influence of crypto in U.S. politics. Her company, which contributed to Fairshake earlier this year, has been actively involved in supporting pro-crypto candidates.
“We are seeing those dollars have an impact in those elections,” she noted, referencing the success of crypto-friendly candidates backed by Fairshake in 32 of 34 races.
She also expressed optimism that Harris could play a pivotal role in shaping future crypto legislation. “She has a huge opportunity. We’re cautiously optimistic,” hinting at her potential legislative moves, though specifics remain unannounced.
Despite the move by the PAC, Coinbase CEO Brian Armstrong confirmed that the company has not directly donated to either presidential drive.