NEW YORK — Kamala Harris’s presidential campaign senior adviser, David Plouffe, has taken a significant step by joining the global advisory council of Coinbase, a renowned cryptocurrency exchange. This council already boasts several former U.S. senators and Donald Trump’s onetime campaign manager, signaling an expansion of the company’s political influence.
David Plouffe, acclaimed for orchestrating Barack Obama’s 2008 presidential victory, joins at a pivotal time when the cryptocurrency industry is increasingly influential in rapidly evolving congressional legislation. His involvement underscores the bipartisan nature of the council, reflecting how both political parties recognize the importance of crypto holders as an emerging group of swing voters. This move is also indicative of attempts to navigate and benefit from the burgeoning industry.
The cryptocurrency sector plays a substantial role in 2024’s election landscape, being one of the largest spenders. Notably, a crypto-focused super political action committee invested over $130 million in congressional races, with Coinbase emerging as its most significant donor. The industry anticipates favorable outcomes as Congress is actively pursuing legislation aligning with the interests of digital assets, representing a shift from previous regulatory constraints attributed to the former Democratic administration.
Under the Republican banner, former President Donald Trump promised to establish the U.S. as a leader in cryptocurrency, marking a distinct shift from past policies. This included potentially allowing Americans to incorporate cryptocurrency into retirement accounts, reversing guidance from the Biden administration which highlighted the volatility of crypto as a risk for long-term savings.
This potential policy shift could see billions channeled into the industry from U.S. retirement funds, which total approximately $44 trillion in assets. Even minor allocations to crypto could translate into considerable industry profits. In efforts to increase exposure to cryptocurrency, Trump and his family have been expanding their influence across various sectors within the ecosystem.
In a notable appearance, Trump addressed supporters at a Coinbase policy conference in New York, lauding the industry’s growth and expressing enthusiasm for being recognized as a leader in the crypto space.
Furthermore, Chris LaCivita, who co-managed Trump’s 2024 campaign, joined the Coinbase advisory board earlier this year. He and Plouffe discussed efforts to engage crypto enthusiasts as potential swing voters in the upcoming elections, recognizing them as a pivotal target group.
The demographics of crypto holders provided a unique opportunity for candidates to connect with typically disengaged voters, including younger and minority groups, offering a chance to establish new political dynamics. Both political strategists, LaCivita and Plouffe, are optimistic about their parties’ electoral prospects, emphasizing the need for strategic engagement with this growing voter base.
Previously associated with Binance, Plouffe joins a diverse advisory council including notable figures such as ex-Arizona Sen. Kyrsten Sinema. Their role involves advising on policy and strategic business moves.
In Congress, legislative efforts targeting the cryptocurrency industry are advancing at a rapid pace, driven partly by lobbying from the sector. Recent bipartisan support has emerged to regulate stablecoins, potentially heading for Senate approval. Meanwhile, broader regulatory measures concerning the crypto market structure are also under review, signaling a transformative period for the digital finance landscape.