Coinbase Donates $25 Million As Crypto Industry Boosts Election Campaign War Chest To $160 Million

Coinbase

says
it
donated
$25
million
to
the
crypto-focused
political
action
committee
Fairshake
as
the
crypto
industry
ramps
up
its
lobbying
efforts
ahead
of
the
upcoming
US
elections
in
November.

“For
too
long,
some
congressional
leaders
who
are
out
of
touch
with
their
constituents
have
attempted
to
eliminate
the
crypto
industry
from
the
US,”

Coinbase
CEO
Brian
Armstrong
wrote
in
a
Jun.
3


blog
post.
“The
best
way
to
get
regulatory
clarity
in
democratic
countries
is
to
elect
pro-crypto
candidates
on
both
sides
of
the
aisle,
and
to
vote
anti-crypto
candidates
out
of
office.”

Coinbase,
Ripple
And
Andreesen
Horowitz
The
Latest
To
Contribute
To
Fairshake

Armstrong
said
Coinbase
is
open
to
talking
to
critics,
but
said
it
is
time
to
“get
anti-crypto
candidates
out
of
office.” 

With
this
latest
donation,
the
crypto
industry
has
collectively
raised
$160
million
to
spend
on
the
election
cycle.
Coinbase’s
$25
million
contribution
follows
equally-sized
donations
by
Ripple
and
venture
firm
Andreessen
Horowitz
made
last
week.
Fairshake
is
now
one
of
the
country’s
top
super
PACs,
OpenSecrets


analysis

shows. 

Crypto
is
non-partisan.
Coinbase
is
non-partisan.
It’s
time
to
elect
candidates
who
value
crypto
over
partisan
politics.

#StandWithCrypto
Learn
More→

https://t.co/ojeBKlrPbo

—
Coinbase
????️
(@coinbase)

June
3,
2024

Meanwhile,
the
PAC’s
biggest
expense
this
cycle
was
$10
million
allocated
towards
lobbying
against
Democrats.
This
is
a
quarter
of
the
money
that
Fairshake
has
spent
this
cycle
so
far.
The
PAC
also
spent
money
on
attacking
advertisements
against
California
Representative
Katie
Porter
earlier
this
year. 

Crypto
Becoming
A
Focal
Point
In
US
Politics

Elections
on
Nov.
5
will
see
candidates
compete
for
the
presidency,
all
435
House
seats
and
34
out
of
100
Senate
seats.
Currently,
the
House
comprises
majority
Republicans,
while
Democrats
control
the
Senate. 

In
recent
weeks,
crypto
has
become
a
focal
point
in
US
politics.
A
May

Public
Citizen
report
said
that
digital
assets
have
evolved
into
an
“outsized
influence”
that
could
“tip
control
of
Congress
toward
one
party
or
the
other.” 

Former
President
Donald
Trump
is
looking
to
capitalize
on
crypto’s
potential
influence
in
the
race.
He
recently
announced
that
his
campaign
will
accept
donations
in
digital
assets.

This
prompted
current
President
Joe
Biden
and
his
campaign
to


reach
out

to
crypto
industry
experts
as
well
in
a
last-ditch
effort
to
win
over
the
Web3
community.

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