By The Associated Press
June 12, 2025
David Plouffe, right, Uber senior vice president of policy and communications, talks about the Uber expansion in Phoenix as Arizona Gov. Doug Ducey listens during a news conference announcing the opening of the new Uber offices June 11, 2015, in Phoenix. (AP Photo/Ross D. Franklin, File)
NEW YORK — 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.
The crypto industry was among the largest spenders in the 2024 election. A crypto super political action committee spent over US$130 million in 2024 congressional races. Coinbase — the nation’s largest crypto exchange — was the super PAC’s biggest contributor.
The cryptocurrency industry’s bets are already paying dividends. Congress is now moving quickly on industry-friendly legislation that would 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Americans may soon be able to invest in crypto in their retirement accounts, after Trump’s Labor Secretary repealed a Biden administration guidance that said crypto may not be appropriate for 401ks and IRAs.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 US$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 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 honor” 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 2024 presidential bid, joined Coinbase’s advisory council in January.
Interviewed at Thursday’s conference, LaCivita and Plouffe recounted 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 campaign 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 reach 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 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.”
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 “sounding board” to discuss policy efforts and business strategy, Shirzad said.
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.
___
Joey Cappelletti, Ken Sweet and Jill Colvin, The Associated Press
Cappelletti reported from Washington.
NEW YORK — 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.
The crypto industry was among the largest spenders in the 2024 election. A crypto super political action committee spent over US$130 million in 2024 congressional races. Coinbase — the nation’s largest crypto exchange — was the super PAC’s biggest contributor.
The cryptocurrency industry’s bets are already paying dividends. Congress is now moving quickly on industry-friendly legislation that would 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 soon be able to invest in crypto in their retirement accounts, after Trump’s Labor Secretary repealed a Biden administration 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 US$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 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 honor” 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 2024 presidential bid, joined Coinbase’s advisory council in January.
Interviewed at Thursday’s conference, LaCivita and Plouffe recounted 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 campaign 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 reach 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 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.”
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 “sounding board” to discuss policy efforts and business strategy, Shirzad said.
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.
___
Joey Cappelletti, Ken Sweet and Jill Colvin, The Associated Press
Cappelletti reported from Washington.
Shaquille O’Neal to pay US$1.8 million to settle FTX class action lawsuit
By The Associated Press
June 13, 2025
By The Associated Press
June 13, 2025
Shaquille O'Neal speaks during a press conference on Feb. 13, 2024, in Orlando, Fla. (AP Photo/Kevin Kolczynski, File)
Former NBA player Shaquille O’Neal will pay US$1.8 million to settle a class action lawsuit related to the demise of cryptocurrency exchange FTX.
O’Neal, and other celebrities like Tom Brady and Stephen Curry, were named in the lawsuit in 2022. They had been accused of touting FTX as a reputable and trustworthy investment option via paid endorsements. The proposed settlement only pertains to O’Neal.
Three years ago FTX was the third-largest cryptocurrency exchange, but it ended up with billions of dollars worth of losses and had to seek bankruptcy protection. The Bahamas-based company and its founder, Sam Bankman-Fried, came under investigation by state and federal authorities for allegedly investing depositors funds in ventures without their approval.
Before its failure, FTX was known to use high-profile Hollywood and sports celebrities to promote its products. It had the naming rights to a Formula One racing team as well as a sports arena in Miami. Its commercials featured “Seinfeld” creator Larry David, as well as Brady, the former quarterback of the Tampa Bay Buccaneers and New England Patriots, basketball players O’Neal and Curry, and tennis star Naomi Osaka.
Bankman-Fried was sentenced to 25 years in prison in March 2024. A little more than a month after that, FTX said in a court filing that nearly all of its customers would receive the money back that they were owed.
While the proposed settlement with O’Neal had been agreed to in April, the payment amount and other terms were disclosed in a filing with the U.S. District Court, Southern District of Florida, Miami Division, earlier this week.
The settlement class includes anyone who deposited funds into FTX or bought its FTT token between May 2019 and late 2022.
The agreement, which still needs court approval, would provide O’Neal with a broad release from future claims and also includes a stipulation that he can’t seek reimbursement from the FTX estate.
The payment will be made within 30 days of the settlement being finalized, according to the filing.
Michelle Chapman, The Associated Press
Former NBA player Shaquille O’Neal will pay US$1.8 million to settle a class action lawsuit related to the demise of cryptocurrency exchange FTX.
O’Neal, and other celebrities like Tom Brady and Stephen Curry, were named in the lawsuit in 2022. They had been accused of touting FTX as a reputable and trustworthy investment option via paid endorsements. The proposed settlement only pertains to O’Neal.
Three years ago FTX was the third-largest cryptocurrency exchange, but it ended up with billions of dollars worth of losses and had to seek bankruptcy protection. The Bahamas-based company and its founder, Sam Bankman-Fried, came under investigation by state and federal authorities for allegedly investing depositors funds in ventures without their approval.
Before its failure, FTX was known to use high-profile Hollywood and sports celebrities to promote its products. It had the naming rights to a Formula One racing team as well as a sports arena in Miami. Its commercials featured “Seinfeld” creator Larry David, as well as Brady, the former quarterback of the Tampa Bay Buccaneers and New England Patriots, basketball players O’Neal and Curry, and tennis star Naomi Osaka.
Bankman-Fried was sentenced to 25 years in prison in March 2024. A little more than a month after that, FTX said in a court filing that nearly all of its customers would receive the money back that they were owed.
While the proposed settlement with O’Neal had been agreed to in April, the payment amount and other terms were disclosed in a filing with the U.S. District Court, Southern District of Florida, Miami Division, earlier this week.
The settlement class includes anyone who deposited funds into FTX or bought its FTT token between May 2019 and late 2022.
The agreement, which still needs court approval, would provide O’Neal with a broad release from future claims and also includes a stipulation that he can’t seek reimbursement from the FTX estate.
The payment will be made within 30 days of the settlement being finalized, according to the filing.
Michelle Chapman, The Associated Press
No comments:
Post a Comment