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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

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