In a recent development, a prominent super political action committee (PAC) backing Vice President Kamala Harris‘s presidential campaign has started accepting cryptocurrency donations, as confirmed by a spokesperson from Coinbase Global Inc. COIN
What Happened: Future Forward PAC, supporting Harris’s presidential run, has opened its doors to cryptocurrency donations. This strategic move is timed ahead of the Nov. 5 U.S. election where Harris is expected to compete against former President Donald Trump, Reuters reported on Thursday.
While Harris herself has not explicitly shown her stance on cryptocurrencies such as Bitcoin BTC/USD, Ethereum ETH/USD, Dogecoin DOGE/USD and others, her campaign team has been in discussions with significant entities in the crypto industry, including Coinbase and Ripple XRP/USD.
A Coinbase spokesperson confirmed to Reuters that Future Forward PAC has onboarded with Coinbase Commerce to accept crypto donations
Major crypto companies are donating to pro-crypto candidates in congressional races through super PACs, campaign finance records reveal, instead of aligning with either presidential candidate.
Investors and executives in the cryptocurrency industry, who are urging Harris to adopt a softer regulatory approach, plan to raise at least $100,000 for the Democratic presidential nominee at a Washington fundraiser on Sep. 13.
Why It Matters: Future Forward has been successful in raising hundreds of millions of dollars to back Harris in a race that is predicted to be tightly contested, as per polls. Trump, on the other hand, has been appealing to large crypto donors with promises of friendly policies and by criticizing the Democrats’ attempts to regulate the sector.
At a recent event, Brian Nelson, a senior adviser for the Harris campaign, expressed Harris’s support for the growth of emerging technologies, a statement that was well-received by the crypto industry. This comes after the crypto industry’s anticipation of Harris’s stance on digital assets.
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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