Coinbase joins forces with a pro-crypto group with a $25 million donation. Move comes as industry seeks influence.
The largest cryptocurrency exchange in the United States, Coinbase, has announced a $25 million contribution to the pro-crypto super PAC Fairshake.
The contribution is equivalent to recent donations from Andreessen Horowitz, a tech-focused venture capital firm, and Ripple, a cryptocurrency payments company.
Following the donation from Coinbase, Fairshake has amassed an astounding $160 million in funding, solidifying its position as one of the five largest super PACs for the current election cycle.
Fair Shake Contributes $40 Million to Pro-Cryptocurrency Candidates
Already exceeding $40 million, Fairshake has earmarked to aid pro-cryptocurrency candidates in crucial House and Senate elections.
Their triumphs are anticipated to result in more advantageous policies for American enterprises and individuals involved in cryptocurrency-related activities.
Coinbase CEO Brian Armstrong emphasized the significance of electing pro-crypto candidates from both major political parties to obtain regulatory clarity.
“We must now elect candidates who represent our values in November to send a resounding message,” he said.
In Washington, D.C., Coinbase has been an outspoken advocate for equitable cryptocurrency policies. Gary Gensler, chairman of the Securities and Exchange Commission, allegedly failed to provide the organization with the inclusive regulatory treatment it has advocated.
Gensler has initiated enforcement proceedings against Ripple, Kraken, Coinbase, and other industry titans.
To enhance their sway, Coinbase established Stand with Crypto, a non-profit advocacy organization that promotes the active participation of crypto electors in the legislative process.
Alongside its political action committee, Stand with Crypto has amassed over $87 million and nearly 950,000 supporters since its inception in August.
The organization’s website features a database comprising scorecards for over a thousand politicians, each representing their stance on cryptocurrency.
Moreover, it provides crypto devotees with the means to engage with their representatives and contribute to the campaigns of pro-crypto candidates.
Lobbying efforts by Stand with Crypto contributed to the recent bipartisan passage of the Financial Innovation and Technology (FIT) for the 21st Century Act, which establishes a regulatory framework for digital assets.
Nick Carr, the organization’s chief strategist, reports that 33 of the 71 Democrats who supported the FIT legislation had conferred with the founders of Stand with Crypto.
Voters Evaluate Candidates’ Positions on Cryptocurrency
According to a Harris Poll survey, one in three American voters thinks about a candidate’s position on cryptocurrencies before casting their vote.
An additional survey by the preeminent venture capital firm Paradigm in the cryptocurrency industry demonstrates that the crypto community essentially endorses Trump’s 2024 U.S. presidential election poll numbers.
Regarding the former president, 48% of crypto owners intend to vote, according to a survey of 1,000 registered voters. Conversely, 39% of crypto owners intend to support the incumbent U.S. president, Joe Biden.
Similarly, a recent report by Coinbase asserts that cryptocurrency-owning Californian electors will likely have a substantial influence on the 2024 elections.
