The PAC’s Ripple & Coinbase Crypto Donations May Be the Answer to Kamala Harris’ US Presidential Victory
- Future Forward, a super political action committee (PAC), will start accepting crypto donations to support Kamala Harris in winning the 2024 US Presidential Election.
- The PAC recently joined Coinbase Commerce and Rippleto receive the crypto donations in a decentralized manner.
- This development comes as Trump receives the most Polymarket votes to become the US' next president, possibly because of his ongoing crypto advocacy.
- Democrats have lowered their guard surrounding crypto, likely because of fears of Trump's blockchain endorsement swaying electoral votes.
After reportedly making ties with Coinbase and Ripple, Future Forward announcedit would accept crypto payments to support Kamala Harrisin winning the 2024 US Presidential Election.
Why's this a big deal? Because despite Donald Trump being a self-proclaimed Crypto President,' Harris' crypto stance remains under wraps.
Trump currently has 7% more votes than Harris on Polymarket - this may boil down to his crypto advocacy.Let's explore how a pro-crypto stance could boost Harris' chances of victory.
PAC Raises Millions for Harris & Now Supports CryptoFuture Forward's move to accept crypto donations comes after raising hundreds of millions of dollars to back the Democratic leader on November 5.
A Coinbase spokesperson confirmed that the PAC had joined Coinbase Commerce to accept crypto donations. This lets them receive crypto payments in a decentralized manner across the board.According to campaign finance records, many large firms donate to pro-crypto candidates in both parties through the PAC instead of siding with the presidential candidates.
But regardless of the significant capital Future Forward has raised to support Harris, polls between her and Trump remain incredibly tight. Trump has 53% of votes (~$105M bets), while Harris trails slightly behind with 46% (~$97.5M).
However, their odds were tied just weeks ago (on August 23), showing they both still have an equal chance of winning.
Trump's Web3 Endeavors Keep on ComingKamala Harris' odds are up 3% today.
The race is tied once again. pic.twitter.com/hFkyIjaSH0
- Polymarket (@Polymarket) August 23, 2024
Trump's crypto stance seems to have been fruitful, given his ballot counts.
He has engaged in numerous crypto-related shenanigans to show off his blockchain advocacy:
- Pledged crypto support at the 2024 Bitcoin Conference in Nashville
- Collected over $4M in cryptocurrency donations last month
- Threatened to sue the SEC's chairman over his aggressive anti-crypto stance
- Announced he's open to making Elon Musk (a major crypto advocate) an advisor if winning the presidential race
- Released a fourth NFT collection featuring the suit he wore during a debate with Biden
- Promised to never sell his Bitcoin holdings
Most recently, the Trump family unveiled an upcoming crypto platform that promises to disrupt traditional banking by serving unbanked communities.
DJT: For too long, the average American has been squeezed by the big banks and financial elites. It's time we take a stand-together. #BeDefiant https://t.co/DuEtfRfrjt pic.twitter.com/txPz5FVSsK
- Donald Trump Jr. (@DonaldJTrumpJr) August 22, 2024
However, following news about the platform's soon-coming launch, hackers compromised the X accounts of Trump's daughters, showing the risks involved with high-profile online ventures (especially the crypto kind).
Still, each of these endeavors has the potential tosway crypto enthusiasts to vote Trumpover Harris.
A Pro-Crypto Stance Following Trump's Advocacy?Following Trump's crypto stand, Democrats took a friendlier approach toward crypto. On August 14, Democratic leaders joined a Crypto4Harris' town hall in support of Harris and the crypto sector.
Their sudden crypto advocacy was likely caused by Trump's ongoing crypto endorsement swaying electoral votes.Harris didn't attend the meeting. However, Senate Majority Leader Chuck Schumer implied that she would support new US crypto regulations if she came on top.
Adopting a pro-crypto stance would align with Harris' values of making people's lives easier. Crypto does just that in several ways:
- Gives financial access to unbanked individuals
- Enhances privacy because financial transactions don't require the disclosure of personal information
- Represents a new asset class with the potential for financial gains
- Offers users more financial freedom, particularly for cross-border payments
- Reduces transaction costs by avoiding third parties (like payment processors or banks)
Future Forward joining Coinbase and Ripple forcrypto donations might help Harris win the 2024 US presidential election.
Although she hasn't publicly announced her thoughts on crypto, the PAC and other Republican members' crypto backing might bring her to the attention of undecided, crypto-loving voters.
If she clinches the win, US citizens might face more stringent crypto regulations and enhanced oversight. However, this could address industry issues like crypto fraud and volatility.
As news about the PAC's crypto stance for Harris continues to circulate, it'll be interesting to see if Polymarket's Trump vs. Harris stats change any time soon.
ReferencesClick to expand and view sources
- Top super PAC Backing Kamala Harris to Accept Cryptocurrency Donations (Business Standard)
- Donald Trump and Kamala Harris Betting Poll (Polymarket)
- Donald Trump Announces New Crypto Project The DeFiant Ones," Aims to Serve Unbanked Communities (CoinMarketCap)
- Lara, Tiffany Trump's Crypto Announcement Result of Hack: Eric Trump (Newsweek)
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