Joey Capelletti, Ken Sweet, Jill Colbin
NEW YORK (AP) – Kamala Harris’ senior adviser to the 2024 presidential election is on Coinbase’s Global Advisory Council. Coinbase’s Global Advisory Council already includes several former US Senators and former campaign managers of President Donald Trump.
David Pruf, the top Democratic strategist best known as the architect of Barack Obama’s successful 2008 presidential election, is the latest addition to the council as he plays an increasingly prominent role in shaping swift laws in Congress.
The bipartisan engagement reflects how both parties view crypto holders as a key and growing foundation for potential swing voters they want to tap, and their efforts to shape and benefit robust industries. It also shows the political weight that the crypto industry is currently being carried under Trump, with several Democrats and Republicans joining the company’s salaries.
The crypto industry was one of the biggest spenders in the 2024 election. The Cryptocratic Action Committee spent more than $130 million in the 2024 Congressional Race. Coinbase – the nation’s largest crypto exchange – was the biggest contributor to Super PAC.
Cryptocurrency industry bets have already paid dividends. Congress is currently swiftly moving industry-friendly laws that create a comprehensive framework for regulating digital assets amid the change in Washington. Republican Trump has pledged to make the United States the global capital of cryptocurrency. This contrasts with what industry leaders viewed as a stifling regulatory approach under previous democratic regimes.
Americans may be able to invest in crypto in their retirement accounts soon after Trump’s Labor Secretary repeals the Biden administration’s guidance, which said codes may not be suitable for the 401ks and the IRA. President Joe Biden’s regulators argued that the extreme volatility of cryptocurrency puts asset classes at risk for Americans seeking long-term savings to retire.
Regardless of how Crypto has worked in the past, the ability of Americans to put retirement funds (approximately $44 trillion in assets) into cryptocurrency will result in billions of dollars in profits for the industry if even a small portion of their assets put their assets in the cryptocurrency fund.
Trump and his family are also actively expanding their personal business to almost every part of the cryptocurrency ecosystem, raising billions of dollars to buy Bitcoin, creating new Stablecoin, and launching and promoting Trump-themed meme coins.
Speaking to crypto enthusiasts in Thursday’s video at Coinbase’s policy conference in New York, Trump said it was “a real great honor” to be called “the first crypto president.”
“Congratulations to everyone at this exciting time in your industry and in our country,” Trump applauded.
Chris Lacivita, former co-campaign manager for Trump’s 2024 presidential bid, joined Coinbase’s advisory committee in January.
Interviewed at Thursday’s meeting, Lacivita and Plouffe spoke about their efforts to bring so-called “crypto voters” to justice in the 2024 election. Both Harris and Trump’s teams saw the group as a new block of potential swing voters who were seeking grabs. Coinbase Chief Policy Officer Faryar Shirzad said the company will meet with both campaigns and sell them on the possibilities.
Lacivita said Trump, a former code skeptic, came right away with the help of his sons Baron Trump and Donald Trump Jr.
“From a presidential perspective, I think the newness of it was exciting,” Lacivita said. “It wasn’t necessary much.”
The campaign, he said, saw an opportunity for Republicans to reach a belt of voters who may not have been actively involved in politics in the past, including black and young voters who struggled in the past.
“It gave us the opportunity to establish a common position with the regions and demographics that we need to expand to be successful,” he said. “This was one of their great growth opportunities in politics,” he said.
Plouffe said the Harris campaign reached the same conclusion and claimed the group was growing.
“People who own the code are pretty politically competitive,” he said. “These are not Maga voters. They swing voters. They’re a bit democratic and certainly leaning young people.”
Both were also bullish about the party’s chances in next year’s midterm elections. Purf stressed that political parties generally have an advantage. He said that after a disappointing finish last year, Democrats acknowledged that there was “a lot to do with that brand,” but hoped that “it’s coming from the people who run with us from the grassroots.”
Lacivita said Trump’s goal is to show voters that he has submitted his campaign promises.
Plouffe, who previously served on the Global Advisory Committee for Binance, is on the council, which includes Sen. Kyrsten Sinema, a Democratic-turned-independent. The role of an advisor is to become a “sound board” for discussing policy initiatives and business strategies, Shirzad said.
In Congress, the law is moving forward much faster than usual for the new industry. The pace at which some people will be involved in shaping the bill says it will come amid a full-scale pressure campaign from the cryptocurrency sector.
On Wednesday, a Democrat group joined the Republican majority and promoted laws regulating stability. The final passing of the Senate could come next week.
Meanwhile, more drastic bills to implement cryptocurrency market structures have begun to move through House committees.
Capelletti was reported from Washington.
Original issue: June 12, 2025, 6:40pm EDT
