Coinbase, the largest cryptocurrency exchange in the United States, has made a generous donation of $25 million to the pro-crypto super PAC Fairshake. This contribution matches the recent donations made by Ripple, a cryptocurrency payments company, and Andreessen Horowitz, a tech-focused venture capital firm. With Coinbase’s donation, Fairshake’s funding now stands at an impressive $160 million, firmly establishing it as one of the top five largest super PACs for this election cycle.
Fairshake has already dedicated over $40 million to support pro-crypto candidates running in crucial House and Senate races. The goal is to secure victories for these candidates, which would in turn lead to 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 in order to achieve regulatory clarity. “We now need to send a strong message in November by electing candidates who represent our values,” he stated.
Coinbase has been a vocal advocate for fair crypto policies in Washington, D.C. The company has been lobbying 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 such as Ripple and Kraken.
To increase their influence, Coinbase launched Stand with Crypto, a non-profit advocacy group that encourages crypto voters to actively participate 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 provides a database of over 1,000 politicians with scorecards reflecting their views on crypto. It also offers tools for crypto enthusiasts to contact their representatives and contribute to the campaigns of pro-crypto candidates.
Stand with Crypto attributes the recent passing 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.
A survey conducted by the Harris Poll has revealed that one in three voters in the US consider a candidate’s position on cryptocurrencies before making their voting decision. Another survey conducted by leading crypto venture capital firm Paradigm shows that former President Trump enjoys significant support from the crypto community for the 2024 US Presidential Election. The survey, which included 1,000 registered voters, found that 48% of crypto owners plan to vote for Trump, while 39% intend to vote for current U.S. President Joe Biden. Similarly, a recent report from Coinbase predicts that California voters who own cryptocurrencies will have a significant impact on the 2024 elections.