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05.09.2024
Alesia Haas, Financial Director of Coinbase, made a significant announcement: Kamala Harris, the presidential candidate from the Democratic Party, has started accepting cryptocurrency contributions through Coinbase Commerce. The exchange provides a modern avenue for political fundraising.
Clarifying Donation Channels
Despite Haas’s statement, it is important to note that the candidate is not directly involved. Instead, her campaign is associated with the Future Forward USA PAC, a political action committee. A spokesperson from the exchange confirmed that PAC linked to the candidate has onboarded with their system, providing a new avenue for contributions.
Shifting Democratic Stance on Cryptocurrency
Historically, the Democratic Party has shown limited support for digital assets, contrasting sharply with the more favorable stance often taken by their opponents. However, persistent lobbying efforts by cryptocurrency companies appear to be influencing a shift in policy. Haas noted that Coinbase’s increased expenditure on policy initiatives, suggesting that this investment could pave the way for clearer regulations in the United States. Although no specific policies have been unveiled yet, she suggested that Harris is open to driving legislative efforts in the crypto space.
PAC has the ability to provide direct financial support to Kamala Harris’s campaign. As of early September, the committee has amassed $163.9 million, up from $50 million in July, according to OpenSecrets. This PAC can contribute directly to Harris’s campaign or fund independent advertising efforts that are not coordinated with her team.
The creation of the Crypto4Harris advocacy group underscores the increasing impact of the cryptocurrency sector in the 2024 U.S. Presidential campaigns. This group consists of 50 representatives who have publicly declared their support for Harris. However, some experts have expressed doubts. For instance, a pseudonymous crypto researcher known as Gumshoe has questioned whether Harris is genuinely engaging with the community.
Furthermore, it is worth noting that neither Harris nor her campaign has made any formal announcements regarding the acceptance of such direct digital donations directly. This discrepancy raises questions about the actual involvement and intentions.
Republican Opposition
During the Bitcoin 2024 conference, Donald Trump pledged to create a strategic Bitcoin reserve and intended to dismiss SEC Chairman Gary Gensler “on the first day” of his potential presidency, although such promises may face practical challenges given the timeline of a new administration.
Trump has also attracted significant campaign contributions from prominent figures in the crypto industry, including the Winklevoss brothers and Kraken co-founder Jesse Powell, each donating $1 million in digital assets. At Bitcoin 2024, Trump’s campaign managed to raise over $20 million.
Donald Trump’s direct appeal to crypto supporters bolsters his campaign’s financial resources and demonstrates his appeal to a key demographic within the tech-savvy electorate.
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