Coinbase Commits $25M to Fairshake in Push for Pro-Crypto Candidates for 2026 Midterms

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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October 31, 2024

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Coinbase has announced a $25 million donation to the super political action committee Fairshake, aiming to bolster support for pro-crypto candidates in the upcoming 2026 midterm elections.

The latest contribution adds to a series of donations the cryptocurrency exchange has already made to Fairshake during the current election cycle.

In a blog post released on Wednesday, Coinbase said it is committed to ensuring Fairshake remains influential in future elections.

Coinbase Says “The Stakes Are Too High”

Coinbase claimed the “stakes are too high for us to stand on the sidelines,” underscoring the need to counter the efforts of anti-crypto politicians in Washington, D.C.

“If we can disrupt the destructive efforts of anti-crypto politicians during the tumult of a presidential election, imagine the strides we can make ahead of the midterm elections.”

Fairshake has emerged as a significant player in political fundraising, raising over $200 million this election cycle with contributions from major crypto firms, including Ripple and Andreessen Horowitz (a16z).

Although super PACs cannot directly donate to political candidates, Fairshake has campaigned against those opposed to cryptocurrency, notably targeting California Senate candidate Katie Porter.

“No matter how you slice it, it will be the most pro-crypto Congress ever,” Coinbase CEO Brian Armstrong remarked on X.

The cryptocurrency sector has become a significant player in political financing during the 2024 election cycle, with industry-funded PACs raising a total of $190 million.

The Winklevoss twins, Cameron and Tyler, stand out as the largest individual donors, having contributed a combined $10.1 million.

Their donations include $1.7 million in Bitcoin to the Trump 47 Committee and substantial amounts to various pro-Trump PACs, along with $4.9 million to the bipartisan Fairshake PAC.

In addition to the Winklevoss twins, executives from Ripple Labs have made notable contributions, totaling over $3 million.

Other significant contributors from the cryptocurrency industry include Coinbase CEO Brian Armstrong, who has given over $1.3 million to both Republican and Democratic PACs, and Kraken co-founder Jesse Powell, who contributed just over $1 million to Trump’s campaign.

Crypto PACs Prioritize Ted Cruz’s Senate Seat

As reported, PACs with crypto interests are turning their focus to Texas, where Republican Senator Ted Cruz is facing off against Democratic candidate Colin Allred.

Filings from the Federal Election Commission (FEC) reveal that, as of October 24, the Bitcoin Voter PAC has spent close to $30,000 on digital advertisements in support of Cruz.

The Bitcoin Voter PAC, which is funded by the Bitcoin Voter Project, a group established by mining industry executives, is actively encouraging Texans to back pro-crypto candidates, including Cruz.

The group, which claims to educate voters on the benefits of Bitcoin, has reportedly garnered $65,000 in donations for its efforts.

In addition to Texas, the PAC is also promoting Republican presidential candidate Donald Trump and Pennsylvania Senate hopeful Dave McCormick.

Polling data suggests the Texas race is tight, with Cruz and Allred neck-and-neck within the margin of error.