In a recent conference held in New York, Coinbase CFO Alesia Haas revealed a significant update. The Democratic presidential nominee, Kamala Harris, now allows cryptocurrency donations through Coinbase Commerce. It is a platform that has facilitated crypto payments for merchants since 2018.
This move highlights the Democratic Party’s potential shift toward embracing digital currencies. Traditionally, the Biden administration and Democrats have shown limited support for crypto; unlike the more welcoming stance of their Republican counterparts.
However, increasing lobbying efforts by the crypto industry might be changing this dynamic. Haas pointed to Coinbase’s recent boost in policy spending, suggesting a possible path toward better regulatory clarity.
But there was some confusion regarding where the donations were going. A Coinbase representative clarified that the Future Forward PAC, which backs the Democratic Party, is the actual recipient of the crypto donations, not Harris’s campaign directly. Despite the mix-up, the development shows the growing importance of crypto in political fundraising.
In another sign of the industry’s influence, a “Crypto for Harris” group has formed, with 50 members from various tech and policy sectors supporting her campaign. This points to the expanding role of cryptocurrency in the upcoming U.S. presidential election.
Still, there are skeptics. A well-known crypto researcher, going by the name Gumshoe, questioned Harris’s real intentions toward the crypto community.
Meanwhile, Harris’s main rival, Donald Trump, continues to build support from the crypto world, which has been critical of the current administration’s stance on digital currencies. With the election nearing, crypto donations might play a crucial role in shaping public opinion. Political betting odds on platforms like Polymarket also show a tight race, with Trump slightly ahead of Harris.
