Tuesday Newsletter

Explore the latest trends, gain valuable insights, and stay informed in the dynamic cryptocurrency ecosystem.

04 June 2024

Crypto exchange giant Coinbase has announced a $25 million donation to the crypto-centric super political action committee (PAC) Fairshake, aligning with Andreessen Horowitz and Ripple. This strategic move aims to bolster pro-crypto lobbying efforts as the United States gears up for the November elections.

In a June 3 blog post, Coinbase CEO Brian Armstrong revealed that this latest contribution elevates Fairshake’s total fundraising to $160 million for the current election cycle. The donation mirrors recent contributions from Ripple and venture capital firm Andreessen Horowitz.

“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 emphasized. “We need to support pro-crypto candidates on both sides of the aisle and decisively vote anti-crypto candidates out of office.” Armstrong also noted that while Coinbase remains open to discussions with critics, their support will now focus on removing anti-crypto politicians from office.

According to OpenSecrets, with its substantial $160 million fund, Fairshake is positioned as one of the nation’s most well-funded super PACs. Although it cannot directly contribute to political candidates, it can deploy unlimited funds to back them through other channels.

Data from OpenSecrets highlights that Fairshake’s largest expenditure this cycle is $10 million directed at lobbying against Democrats, part of the $40 million it has allocated overall.

Earlier this year, Fairshake funded attack ads targeting California Representative Katie Porter, who subsequently lost a Senate primary race in March.

Coinbase’s significant donation comes in the run-up to the pivotal November 5 U.S. elections, where the presidency, all 435 House seats, and 34 of the 100 Senate seats are contested.

Currently, the House holds a Republican majority, while Democrats control the Senate. However, a May report by Public Citizen indicates that the crypto sector’s “outsized influence” in critical races could potentially shift congressional control.

Republican presidential candidate Donald Trump remains a front-runner despite recent felony convictions, leading incumbent Joe Biden by 1 percentage point in June 3 FiveThirtyEight polls.