Coinbase has donated $25 million to the crypto-focused super political action committee (PAC) Fairshake, joining forces with Andreessen Horowitz and Ripple to bolster its lobbying efforts ahead of the November U.S. elections.
Significant Financial Commitment
In a June 3 blog post, Coinbase CEO Brian Armstrong announced that this latest contribution brings the total amount raised by Fairshake and its affiliates to $160 million this election cycle. This recent donation matches contributions from Ripple and venture capital firm Andreessen Horowitz made last week.
Aiming for Political Influence
Armstrong emphasized the importance of sending a clear message to political candidates regarding the significance of pro-crypto policies. “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. He stressed the need to support pro-crypto candidates from both parties and to vote out those opposed to cryptocurrency.
Strategy and Impact
Armstrong stated that while Coinbase is open to discussions with critics, the focus will be on removing anti-crypto candidates from office. With its $160 million in funding, Fairshake ranks among the country’s top super PACs. According to OpenSecrets, Fairshake cannot directly donate to political candidates but can spend unlimited amounts to support them indirectly.
Expenditures and Campaigns
OpenSecrets data reveals that Fairshake’s largest expenditure this cycle has been $10 million on lobbying against Democrats, part of the $40 million spent overall. Earlier this year, Fairshake funded attack ads against California Representative Katie Porter, who subsequently lost a primary race for the Senate in March.
Also Read: Coinbase Accuses SEC of Stifling the Crypto Industry
Upcoming Elections
Coinbase’s donation comes ahead of the pivotal November 5 U.S. elections, which will see the presidency, all 435 House seats, and 34 out of 100 Senate seats contested. Currently, the House is controlled by Republicans, while Democrats hold a majority in the Senate. A report by Public Citizen in May highlighted the crypto sector’s potential to influence key races and potentially shift control of Congress.
Presidential Race
In the presidential race, Republican candidate Donald Trump remains the frontrunner despite multiple recent felony convictions. According to June 3 polls by FiveThirtyEight, Trump leads incumbent President Joe Biden by 1 percentage point.
