Coinbase, the largest cryptocurrency exchange in the United States, has generously donated $25 million to the pro-crypto super PAC Fairshake. This contribution matches the recent donations made by Ripple, a prominent crypto payments company, and Andreessen Horowitz, a well-known tech-focused venture capital firm. With Coinbase’s significant donation, Fairshake’s funding has now reached an impressive $160 million, solidifying its position among the top five largest super PACs for this election cycle.
Fairshake has already allocated over $40 million to support pro-crypto candidates running in crucial House and Senate races. The goal is to secure the victories of these candidates in order to bring about more favorable policies for U.S. companies and individuals involved in crypto-related activities.
Coinbase CEO Brian Armstrong stressed the importance of electing pro-crypto candidates from both major political parties to achieve regulatory clarity. He stated, “We now need to send a strong message in November by electing candidates who represent our values.”
Coinbase has been a vocal advocate for fair crypto policies in Washington, D.C. The company has actively lobbied for inclusive regulatory treatment, which it believes has been lacking under the leadership of Securities and Exchange Commission Chairman Gary Gensler. Gensler has taken enforcement actions against Coinbase and other industry giants like 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 gained nearly 950,000 supporters and raised over $87 million through its political action committee. The group’s website offers a database of over 1,000 politicians with scorecards reflecting their views on crypto. It also provides 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 that establishes a regulatory framework for digital assets, in part to its lobbying efforts. According to Nick Carr, the group’s chief strategist, 33 out of the 71 Democrats who voted in favor of the FIT legislation had met with Stand with Crypto founders.
Recent surveys show that cryptocurrency is becoming an influential factor in voters’ decision-making process. One survey conducted by the Harris Poll revealed that one in three U.S. voters consider a candidate’s stance on cryptocurrencies before casting their votes. Another survey conducted by leading crypto venture capital firm Paradigm found that former President Donald Trump enjoys significant support from the crypto community for the 2024 U.S. Presidential Election. Additionally, a report from Coinbase stated that California voters who own cryptocurrencies are expected to have a significant impact on the 2024 elections.
