Coinbase Donates $25M to Pro-Crypto Super PAC Fairshake, Joining Ripple and Andreessen Horowitz

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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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June 2, 2024

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Coinbase

, the largest crypto exchange in the United States, has announced a donation of $25 million to the pro-crypto super PAC Fairshake.

The contribution matches recent donations made by Ripple, a crypto payments company, and Andreessen Horowitz, a tech-focused venture capital firm.

With Coinbase’s donation, Fairshake’s funding now stands at an impressive $160 million, firmly placing it among the top five largest super PACs for this election cycle.

Fairshake Spends $40M to Support Pro-Crypto Candidates

Fairshake has already allocated over $40 million to support pro-crypto candidates running in crucial House and Senate races.

The hope is that their victories will lead to more favorable policies for U.S. companies and individuals engaged in crypto-related activities.

Coinbase CEO Brian Armstrong emphasized the importance of electing pro-crypto candidates from both major political parties to achieve regulatory clarity.

“We now need to send a strong message in November by electing candidates who represent our values,” he said.

Welcome to the club – you're in good company 🙂

The courts will help get clarity – but the right solution longer term is we need to elect pro-crypto candidates. This is why Coinbase has supported Fairshake superpac, and https://t.co/1YyvPQemqk.

Hope y'all can join us! https://t.co/TONaXX2vlv

— Brian Armstrong (@brian_armstrong) May 7, 2024

Coinbase has been an outspoken advocate for fair crypto policies in Washington, D.C. The company has been lobbying for inclusive regulatory treatment, which it feels has been lacking under the leadership of Securities and Exchange Commission Chairman Gary Gensler.

Gensler has pursued enforcement actions against Coinbase and other industry giants such as Ripple and Kraken.

To further amplify their influence, Coinbase launched Stand with Crypto, a non-profit advocacy group that encourages crypto voters to actively engage in the legislative process.

Since its launch in August, Stand with Crypto has garnered nearly 950,000 supporters and raised over $87 million through its political action committee.

The group’s website provides a database of over 1,000 politicians with scorecards reflecting their views on crypto.

Additionally, it offers tools for crypto enthusiasts to contact their representatives and contribute to pro-crypto candidates’ campaigns.

Stand with Crypto attributes the recent passage of the Financial Innovation and Technology (FIT) for the 21st Century Act, a bipartisan bill establishing a regulatory framework for digital assets, in part to its lobbying efforts.

According to Nick Carr, the group’s chief strategist, 33 of the 71 Democrats who voted in favor of the FIT legislation had met with Stand with Crypto founders.

Voters Consider Candidates’ Stance on Crypto

As reported, a survey conducted by the Harris Poll has revealed that one in three voters in the US consider a candidate’s position on cryptocurrencies before making their voting decision.

Another survey conducted by leading crypto venture capital firm Paradigm reveals that Trump’s poll numbers for the 2024 US Presidential Election enjoy significant support from the crypto community.

The survey, which included 1,000 registered voters, found that 48% of crypto owners plan to vote for the former president, while 39% intend to vote for current U.S. President Joe Biden.

Likewise, a recent report from Coinbase claimed that California voters who own cryptocurrencies are expected to have a significant impact on the 2024 elections.