Coinbase Donates $25M to Crypto-Focused Super PAC Fairshake, Bolstering Pro-Crypto Lobbying Prior to November Elections
Summary:
Coinbase, a leading cryptocurrency exchange, has donated $25 million to the crypto-centric super PAC, Fairshake, as part of its lobbying efforts for the upcoming November US elections. This takes the total collection of Fairshake and its affiliates to $160 million this election cycle. The cryptocurrency exchange's CEO, Brian Armstrong, underscored the necessity of supporting pro-crypto candidates and removing anti-crypto ones. Amid a contested election where crypto's influence could tip the balance of power in Congress, the super PAC has spent a significant portion of its funding, $10 million, on lobbying against Democrats.
Coinbase, the renowned cryptocurrency exchange, has announced a $25 million donation to the cryptocurrency-centric super PAC (Political Action Committee), Fairshake, in preparation for the forthcoming November US elections. On June 3, Brian Armstrong, CEO of Coinbase, posted on his blog informing that this contribution takes the total amount garnered for this election cycle from the PAC and its associates to a whopping $160 million. This figure is on par with contributions from Ripple and the venture company Andreessen Horowitz in the previous week. Armstrong emphasized the importance of sending a distinct signal to political nominees that disregarding cryptocurrency is a significant political miscalculation.
He expressed the need to steadfastly back pro-cryptocurrency nominees regardless of their party affiliations and finally pushing anti-cryptocurrency nominees out of office. Armstrong was candid about Coinbase's readiness to engage with critics, though emphasizing its commitment to disassemble anti-cryptocurrency candidacies. Fairshake, with ample funding at its disposal, stands among the country's most affluent Super PACs according to OpenSecrets.
Although direct contributions to political nominees are not permissible, the PAC can freely spend unlimited resources in indirect support. Based on OpenSecrets data, the bulk of Fairshake's spending this cycle, at $10 million, has been to lobby against the Democrats who make up a quarter of the $40 million expenditure. Earlier this year, Fairshake sponsored attack ads that targeted Katie Porter, a California representative whose Senate primary bid failed in March.
Coinbase's gesture comes in anticipation of the November 5 US elections where the presidency, all 435 House seats, and 34 out of 100 Senate seats will be formally contested. The House majority is currently held by the Republicans while the Democrat party controls the Senate. However, according to a Public Citizen report from May, the crypto sector's significant foothold in key races could potentially tip the balance of power in Congress.
In the presidential race, despite recent felony convictions, Republican candidate Donald Trump still leads with a 1% margin over current incumbent Joe Biden, based on the June 3 FiveThirtyEight polls.
Published At
6/4/2024 3:19:44 AM
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