Coinbase’s Chief Financial Officer, Alesia Haas, made a noteworthy statement at a Conference in New York. She stated that the Democratic presidential nominee, Kamala Harris, has begun to accept crypto donations through Coinbase Commerce.
This platform, operational since 2018, enables merchants to process crypto transactions.
Kamala Harris May Not be Accepting Crypto Donations Directly
This initiative follows ongoing discussions signaling a potential shift in the Democratic Party’s approach to cryptocurrencies.
Historically, the Democratic Party under President Joe Biden has exhibited tepid support for cryptocurrency, in stark contrast to the Republican approach. Nevertheless, intensified lobbying efforts by the crypto industry may be influencing a shift. Haas highlighted Coinbase’s “elevated policy spend,” which she believes presents a rare opportunity for regulatory clarity in the US.
“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,” Haas said.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
However, a discrepancy emerged regarding who was receiving these crypto donations. A Coinbase spokesperson later clarified to Fortune that the Future Forward PAC, which supports the Democratic Party, had onboarded with Coinbase Commerce.
“Coinbase can confirm that Future Forward has onboarded with Coinbase Commerce,” a spokesperson said.
Despite this mix-up, the initiative signals a potential shift toward crypto acceptance within the Democratic Party. This move is noteworthy as Harris’ campaign has been attempting to repair its strained relationship with the crypto sector.
The formation of the “Crypto for Harris” advocacy group further emphasizes the growing influence of the crypto industry in the US Presidential election. This group, consisting of 50 members from the industry and policy sectors, supports Harris and highlights the growing intersection of technology and politics.
Nonetheless, a pseudonymous crypto researcher known as Gumshoe expressed skepticism about the authenticity and impact of Harris’s outreach to the crypto sector.
“She’s rugging every single person who donates there. I’d rather send [funds] to a meme [coin] presale,” Gumshoe commented
On the other side, Harris’ opponent, Donald Trump, has successfully courted the crypto community, which has vocally criticized the current administration’s anti-crypto stance. With the Presidential election fast approaching, the role of crypto donations could critically influence voter perceptions and support.
Adding to the intrigue are the current betting odds on Polymarket, where the political futures of the candidates are speculated. As of now, Donald Trump leads with a 53% chance of winning, while Kamala Harris trails with a 46% chance.
Read more: Coinbase Review 2024: The Best Crypto Exchange for Beginners?
US Presidential Election Winner Odds. Source: Polymarket
These odds are reflective of the broader public sentiment and could be influenced by Harris’s new stance on crypto donations.
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