In A Nutshell:
Coinbase has contributed $25 million to Fairshake, a super PAC focused on advocating for pro-crypto candidates in the upcoming U.S. elections. This move underscores Coinbase's commitment to promoting regulatory clarity and defending crypto rights amidst bipartisan political dynamics.Coinbase has contributed $25 million to the pro-crypto federal super PAC, Fairshake, to support candidates advocating for cryptocurrency-friendly policies in the upcoming elections. The donation aims to promote regulatory clarity and defend customer rights within the crypto space, as outlined in a blog post by the exchange. Recognizing the slow pace of bipartisan U.S. politics, Coinbase intends to elect candidates supportive of crypto across party lines while opposing those deemed anti-crypto.
Emphasizing non-partisanship, Coinbase highlighted that crypto ownership spans both major political parties fairly equally. The company announced its support for Standwithcrypto.org, an organization mobilizing nearly 1 million signatures and endorsing pro-crypto candidates in key races.
Fairshake, operating as a super PAC, cannot directly fund candidates but can run advocacy ads on their behalf. Notably, Fairshake recently aired ads opposing California senate candidate Katie Porter. Ripple and a16z also donated $25 million each to Fairshake, significantly boosting its financial resources to approximately $160 million, positioning it among the country's top-funded super PACs according to Open Secrets.
Cryptocurrency has become a pivotal issue in the current presidential election cycle. Former President Donald Trump has accepted crypto donations for his campaign, pledging to safeguard self-custody rights. Meanwhile, the Biden campaign has engaged with crypto industry leaders to inform policy decisions affecting the crypto community.
