A senior adviser to Kamala Harris’ 2024 presidential campaign is joining Coinbase’s global advisory council, which already includes several former U.S. senators and President Donald Trump’s ex-campaign manager, as the cryptocurrency exchange broadens its political reach.
David Plouffe, a top Democratic strategist best known as an architect of Barack Obama’s successful 2008 presidential campaign, is the latest addition to the council, joining as the cryptocurrency industry plays an increasingly prominent role in shaping fast-moving legislation in Congress.
The bipartisan involvement reflects how both parties see crypto holders as an important and growing base of potential swing voters they are eager to tap, as well as their efforts to shape and profit from the lucrative industry. It also shows the political heft the crypto industry now carries under Trump, with several Democrats and Republicans joining the company’s payroll in order for the company to influence policy how it wishes.
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The crypto industry spent millions on the 2024 election
The crypto industry was also among the largest spenders in the 2024 election. A crypto super political action committee spent over $130 million in 2024 congressional races. Coinbase, the nations largest crypto exchange, was the super PAC’s biggest contributor.
The cryptocurrency industry’s bets are already paying dividends. Congress is now moving quickly to create a comprehensive framework for the regulation of digital assets amid a shift in Washington. Trump, a Republican, has pledged to make the U.S. the global capital of cryptocurrency, contrasting with what industry leaders viewed as a stifling regulatory approach under the previous Democratic administration.
Americans may be soon able to invest in crypto in their retirement accounts, after Trump’s Secretary of Labor repealed a Biden administration’s guidance that said crypto may not be appropriate for 401ks and IRAs. President Joe Biden’s regulators had argued that extreme volatility of cryptocurrencies makes the asset class too risky for Americans trying to save long-term for retirement.
Regardless of how crypto has performed in the past, the ability for Americans to put their retirement funds, roughly $44 trillion in assets, into crypto will lead to billions of dollars in profits for the industry, if even a small portion of Americans put their assets into a cryptocurrency fund.
Trump’s backing of the crypto industry
Trump and his family have also been aggressively expanding their personal business into almost every part of the cryptocurrency ecosystem, including raising billions of dollars to buy bitcoin, creating a new stablecoin and launching and promoting a Trump-themed meme coin.
Trump addressed crypto enthusiasts at Coinbase’s policy conference in New York via video on Thursday, saying it’s “a really big honour” to be called the “first crypto president.”
“Congratulations to everyone at this exciting time for your industry and in our country’s life,” Trump said, to applause.
Chris LaCivita, the former co-campaign manager of Trump’s successful 2024 presidential bid, joined Coinbase’s advisory council in January.
LaCivita and Plouffe were interviewed Thursday at the policy conference in New York, where they talked about their efforts to court so-called “crypto voters” in the 2024 election. Both the Harris and Trump teams viewed the group as a new bloc of potential swing voters who were up for grabs. Coinbase chief policy officer Faryar Shirzad said the company met with both campaigns to sell them on the potential.
LaCivita said Trump, who had once been a crypto skeptic, quickly came around, with the help of input from his sons Barron Trump and Donald Trump Jr.
“The newness of it I think was exciting, from the president’s standpoint,” said LaCivita. “It didn’t take really a lot.”
The campaign, he said, also saw an opportunity to engage with a swath of voters who may not have been actively engaged with politics in the past, including Black and younger voters, with whom the Republican Party has struggled in the past.
“It gave us an opportunity to establish common ground with an area and a demographic that we need expand in in order to be successful” he said. “This was one of those just great growth opportunities in politics,” which he said are “few and far between.”
The growing crypto voter base
Plouffe said the Harris campaign had reached the same conclusion and argued the group is only growing.
“The folks who own crypto are pretty politically competitive,” he said. “These are not MAGA voters. They are swing voters. Lean a little Democratic, certainly lean a lot younger.”
Both were also bullish on their party’s chances in next year’s midterm elections. Plouffe stressed the party out of power generally has an edge. He acknowledged that the Democratic Party “has a lot of work to do on its brand” after their disappointing finish last year, but said he hoped “that’s going to come from the people who run and from the grassroots together.
LaCivita said the goal for Trump would be to demonstrate to voters that he is delivering on his campaign promises.
Plouffe, who previously served on the global advisory board for Binance, joins a council that also includes former Arizona Sen. Kyrsten Sinema, a Democrat-turned-independent. The role of advisers is to be a “sound board” to discuss policy efforts and business strategy, said Faryar Shirzad, Coinbase’s chief policy officer.
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Congress is taking action on regulating stablecoins
In Congress, legislation is advancing far more quickly than usual for a new industry, a pace that some involved in shaping the bills say comes amid an all-out pressure campaign from the cryptocurrency sector.
On Wednesday, a group of Democrats joined the Republican majority to advance legislation regulating stablecoins, a type of cryptocurrency typically pegged to the U.S. dollar. Final passage through the Senate could come next week.
Meanwhile, a more sweeping bill to implement cryptocurrency market structure has begun moving through House committees.
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