In a notable shift in campaign finance, Coinbase’s Chief Financial Officer Alesia Haas revealed that Kamala Harris, the U.S. Vice President and Democratic candidate for President, is leveraging Coinbase’s Commerce platform for cryptocurrency donations.
The platform is a key part of Coinbase’s suite of services, designed to help businesses accept digital assets. Harris’ official super PAC, Future Forward, has been set up through this platform, according to Haas.
Haas disclosed this development during a conversation with Citigroup’s Peter Christiansen at Citi’s 2024 Global TMT Conference in New York, which Fortune subsequently reviewed. The information aligns with a prior report suggesting Coinbase was in talks with Harris’ campaign. As of now, the Harris campaign has not responded to inquiries about this matter.
Coinbase has confirmed through a spokesperson that Future Forward is indeed using Coinbase Commerce, reinforcing the validity of Haas’s statement. This move marks a significant departure from the traditionally cautious stance the Democratic Party has taken towards crypto under President Joe Biden’s administration, possibly signaling a shift in policy.
Despite this confirmation, the Crypto4Harris advocacy group has expressed uncertainty about Harris’s use of crypto donations, and the official fundraising site for Harris does not currently reflect this integration. Earlier this year, Future Forward reported raising $50 million to support Harris, but the campaign’s response to this new development remains pending.
Coinbase’s Policy Efforts and Political Contributions
Haas also highlighted Coinbase’s broader strategy, noting that the company has been increasing its policy efforts amid what she describes as a rare chance for regulatory clarity in the U.S. In June, the exchange donated its first to Fairshake, a PAC that backs candidates advocating for cryptocurrency.
According to Haas, this was part of a series of incremental contributions aimed at bolstering general crypto policy efforts. With Future Forward’s impressive performance in elections, winning 32 of 34 races it participated in, Haas expressed cautious optimism about Harris’s potential influence on crypto legislation.
However, the exchange CEO Brian Armstrong has clarified that the company has not directly contributed to any presidential campaigns, focusing instead on broader policy support. As the situation evolves, it remains to be seen how Harris’s engagement with cryptocurrency will impact her campaign and the wider political landscape.
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