Coinbase’ Pro-Crypto Push with $25M Donation to Fairshake Super PAC

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Leading crypto exchange platform Coinbase has announced an additional $25 million donation to the Fairshake Super Political Action Committee (PAC). With the move, the exchange aims to elect pro-crypto candidates and defend crypto users’ rights.

This latest contribution brings Fairshake and its affiliates’ total fundraising to $160 million this election cycle, positioning it among the largest Super PACs. Prior to Coinbase’s donation, Fairshake received contributions from Ripple, venture capital firm a16z, Gemini’s Winklevoss twins, Jump Crypto, and Union Square Ventures. According to Public Citizen, digital asset-affiliated Super PACs, including Fairshake, have raised the third-highest amount among all Super PACs ahead of the 2024 election.

Coinbase is Expanding Influence in Crypto Legislation

The donation underscores Coinbase’s strategic push for regulatory clarity through legislative and judicial avenues. CEO Brian Armstrong emphasized the need for pro-crypto candidates to break through legislative stagnant situations and foster industry growth.

“We can get regulatory clarity from the courts by creating new case law and we can get it from Congress if they choose to pass new legislation. But we’ve seen that this can take a long time, and a few holdouts can create big issues,” Armstrong explains while adding:

“This leads us to an important conclusion: 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.”

Stand With Crypto Initiative

In addition to supporting Fairshake, Coinbase launched the nonprofit Stand With Crypto last August to advocate for pro-crypto regulation. The organization has grown to over 900,000 members nationwide, nearly doubling its membership since May.

The Battle for Regulatory Clarity

The push for pro-crypto candidates comes amid President Joe Biden’s administration’s stringent stance on the crypto industry. Recently, Biden vetoed H.J. Res.109, a bill that sought to overturn the SEC’s Staff Accounting Bulletin No. 121 (SAB 121), which mandates financial institutions to list customers’ digital assets on their balance sheets. Biden stated on May 31:

“My Administration will not support measures that jeopardize the well-being of consumers and investors. Appropriate guardrails that protect consumers and investors are necessary to harness the potential benefits and opportunities of crypto-asset innovation.”

Critics argue that SAB 121 imposes significant operational and financial burdens on firms managing digital assets and exposes customers’ assets to bankruptcy risks.

Coinbase’s $25 million donation to Fairshake Super PAC highlights the growing influence of the crypto industry in US politics. As the November elections approach, the support for pro-crypto candidates is crucial in ensuring the industry’s continued growth.

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