By Kanishka Singh
WASHINGTON (Reuters) - Exclusive: Future Forward PAC, the top super PAC supporting Vice President Kamala Harris in the upcoming U.S. election, is now accepting cryptocurrency donations, as confirmed by a Coinbase spokesperson on Wednesday.
WHY CRYPTO DONATIONS ARE A GAME-CHANGER
Future Forward PAC has amassed a significant war chest to support Harris in the highly anticipated Nov. 5 election against former President Donald Trump. Recent polls indicate a neck-and-neck race between the two candidates.
While Harris has not publicly expressed her views on cryptocurrency, her campaign team has engaged with key players in the crypto industry, such as Coinbase. On the other hand, Trump has courted major crypto donors by promising favorable policies and criticizing the Democrats' regulatory efforts. Brian Nelson, a senior adviser to the Harris campaign, hinted at Harris's support for the growth of emerging technologies, signaling a positive outlook for the crypto industry.
INSIGHTS
"Coinbase has officially announced that the Future Forward PAC is now utilizing Coinbase Commerce to accept cryptocurrency donations," said a Coinbase spokesperson in an official statement. Coinbase Commerce is a platform that enables merchants worldwide to accept crypto payments in a decentralized manner.
BACKGROUND
Several prominent crypto companies are backing pro-crypto candidates in congressional races across party lines through super PACs, as reflected in campaign finance reports. Rather than aligning themselves with a specific presidential candidate, these companies are focusing on supporting candidates who advocate for crypto-friendly policies.
Additionally, cryptocurrency investors and industry leaders are urging Harris to adopt a more lenient regulatory approach towards the industry. Plans are underway to raise a minimum of $100,000 for the Democratic nominee at a fundraiser in Washington on Sept. 13.
ANALYSIS
In summary, the decision by Future Forward PAC to accept cryptocurrency donations marks a significant shift in political fundraising strategies. This move not only highlights the growing influence of the crypto industry in the political landscape but also underscores the importance of aligning with candidates who support the sector's growth. For investors and industry players, this development signals a potential shift in regulatory policies and a new era of collaboration between the crypto industry and political entities.
