United

Biden

Joe Biden

Donald Trump

Crypto exchange Coinbase says it donated $25 million to crypto-focused super political action committee (PAC) Fairshake as it ramps up lobbying ahead of the November United States elections.
In a June 3 blog post, Coinbase CEO Brian Armstrong <a href="https://www.coinbase.com/en-au/blog/how-to-get-regulatory-clarity-for-crypto" target="_blank" rel="noopener noreferrer nofollow">said</a> the latest donation brings the total amount raised by the PAC and its affiliates to $160 million this election cycle. The amount matches donations last week <a href="https://cointelegraph.com/news/fairshake-pac-ripple-25m-donation-2024-election" rel="noopener noreferrer nofollow">from Ripple</a> and venture firm <a href="https://cointelegraph.com/news/pro-crypto-pac-fairshake-25m-a16z-donation" rel="noopener noreferrer nofollow">Andreessen Horowitz</a>.
“Crypto voters won’t be taken seriously until we send a clear message to political candidates that it is bad politics to be anti-crypto,” Armstrong wrote. “We need to support pro-crypto candidates on both sides of the aisle, and unceremoniously vote anti-crypto candidates out of office.”
<figure><img src="https://s3.cointelegraph.com/uploads/2024-06/4195ad0d-48b1-4597-a08a-40bbc5096b09.png">
 <figcaption style="text-align: center;">Source: <a href="https://x.com/coinbase/status/1797689846435336594" target="_blank" rel="noopener noreferrer nofollow">Coinbase</a>
 </figcaption>
</figure>
Armstrong said while Coinbase is willing to talk to <a href="https://cointelegraph.com/learn/who-is-gary-gensler-regulating-crypto" rel="noopener noreferrer nofollow">critics</a>, “we no longer need to support them” and will “work to get anti-crypto candidates out of office.”
With its $160 million funding, Fairshake is one of the country’s top cash-flushed super PACs, according to OpenSecrets <a href="https://www.opensecrets.org/outside-spending/super_pacs" target="_blank" rel="noopener noreferrer nofollow">analysis</a>. It can’t directly donate funds to political candidates, but it can spend an unlimited amount of money to support them in other ways.
OpenSecrets <a href="https://www.opensecrets.org/outside-spending/detail?cmte=C00835959&amp;cycle=2024" target="_blank" rel="noopener noreferrer nofollow">data</a> shows Fairshake’s biggest expenditure this cycle is $10 million on lobbying against Democrats, a quarter of the $40 million it has <a href="https://www.opensecrets.org/political-action-committees-pacs/fairshake-pac/C00835959/summary/2024" target="_blank" rel="noopener noreferrer nofollow">spent</a> for the cycle.
Earlier this year, it <a href="https://cointelegraph.com/news/super-pac-conversation-crypto-attack-ads" rel="noopener noreferrer nofollow">bankrolled attack ads</a> against California Representative Katie Porter, who lost a primary race for the Senate in March.
Related: <a href="https://cointelegraph.com/news/fit21-bill-crypto-congress-cftc-sec-us" rel="noopener noreferrer nofollow">FIT21 bill a ‘watershed moment’ for crypto despite CFTC-SEC friction</a>
Coinbase’s donation comes ahead of the Nov. 5 U.S. elections, where the presidency, all 435 House seats and 34 out of 100 Senate seats are being contested.
The House has a Republican majority, while the Democrats control the Senate, but a May <a href="https://cointelegraph.com/news/super-pac-affiliates-fundraise-crypto-candidates" rel="noopener noreferrer nofollow">Public Citizen report</a> said the crypto sector’s “outsized influence” in key races “has the potential to tip control of <a href="https://cointelegraph.com/learn/how-blockchain-can-transform-government-sector" rel="noopener noreferrer nofollow">Congress</a> toward one party or the other.”
Republican presidential candidate Donald Trump is still the favorite despite his <a href="https://cointelegraph.com/news/trump-convicted-pro-crypto-presidential-candidate-risk" rel="noopener noreferrer nofollow">multiple recent felony</a> convictions. He’s ahead of incumbent Joe Biden by 1 percentage point, according to June 3 FiveThirtyEight <a href="https://projects.fivethirtyeight.com/polls/president-general/2024/national/" target="_blank" rel="noopener noreferrer nofollow">polls</a>.
Magazine: <a href="https://cointelegraph.com/magazine/crypto-voters-are-already-affecting-the-2024-presidential-election/" rel="noopener noreferrer nofollow">Crypto exposes sudden rift among Democrats months ahead of election</a>

Coinbase chips in another $25M to crypto super PAC Fairshake

Cointelegraph

Other articles published on Jun 4, 2024

Cardano Set to Collab With Elon Musk? Founder Hoskinson Drops Exciting Hint

Donald Trump Claims Profit From 'Crazy New Currencies' — Here's A Look At The Cryptos He Own

Experts Analyze Dogecoin’s Potential Price Increase

MoonBag Coin Smashes $1M in Presale Amidst Dogeverse and ICP Market Challenges

BlockDAG's Lunar Keynote Event: $41.6M Surge, Chainlink Innovates And Celestia Falters

MoonBag Presale Leaves Polkadot and Tron Holders Drooling Over Its Hype as It Raises Over $1 Million

Join our free newsletter for daily crypto updates!