News

By Kanishka Singh

WASHINGTON (Reuters) - A top super political action committee (PAC) backing U.S. Vice President and Democratic presidential candidate Kamala Harris known as Future Forward PAC will accept cryptocurrency donations, a Coinbase spokesperson said Wednesday.

WHY IT'S IMPORTANT

Future Forward has raised hundreds of millions of dollars to back Harris in the Nov. 5 U.S. election in which she faces Republican presidential candidate and former President Donald Trump. Polls show a tight race.

Although Harris has yet to publicly take a stance on crypto, her campaign staff have met with prominent crypto firms, including Coinbase and Ripple, Reuters has previously reported.

Trump has attempted to court big crypto donors with friendly policy pledges and slammed Democrats' attempts to regulate the sector. Brian Nelson, a senior adviser for the Harris campaign, said at a recent event that Harris would support the growth of emerging technologies, which many in the crypto industry saw as a positive sign.

KEY QUOTE

"Coinbase can confirm that the Future Forward PAC has onboarded with Coinbase Commerce to accept crypto donations," a Coinbase spokesperson said in an emailed statement. Coinbase Commerce is a tool allowing merchants globally to accept cryptocurrency payments in a decentralized way.

CONTEXT

Some big crypto companies are donating to pro-crypto candidates in congressional races in both parties via super PACs, campaign finance records show, rather than aligning themselves with either presidential candidate.

Cryptocurrency investors and industry executives calling on Harris to pursue a softer regulatory stance on the industry are planning to raise at least $100,000 for the Democratic presidential nominee at a Sept. 13 Washington fundraiser.

A super PAC can raise an unlimited amount of funds to back candidates but may not directly contribute to a campaign or a political party.