Coinbase Donates To Super PAC, Aims To Influence Crypto Politics

Key Points:

• Coinbase donates an additional $25 million to Fairshake SuperPAC.
• Funds used for attack ads against anti-crypto candidates.
• Coinbase’s total donation to Fairshake hits $49 million.

According to Bloomberg, Coinbase donates to Super PAC with an extra $25M, which supports pro-crypto candidates, taking total donation to $49M.

Coinbase, the largest U.S. cryptocurrency exchange, has donated a further $25 million to the Fairshake SuperPAC.

The news was shared by the company’s chief executive officer, Brian Armstrong, in a blog post. The donation aims at contributing to an increase in contributions meant to support the election of candidates who are pro-digital assets.

Coinbase Donates to Super PAC To Support Pro-Crypto Candidates

Fairshake SuperPAC, along with its affiliates, managed to gather $160 million in this election cycle, according to Armstrong.

Andreessen Horowitz, a venture-capital firm whose co-founder Marc Andreessen serves on Coinbase’s board, made a matching donation last week. Crypto firm Ripple made the same donation of $25 million.

Fairshake used the funds to finance attack ads against Representative Katie Porter, a California Democrat known for being an anti-crypto. She had lost a Senate primary election in March. As of April month-end, Fairshake had already spent more than $40 million in this cycle, OpenSecrets reports.

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Growing Political Influence of Crypto Industry in Upcoming Elections

In his blog post, Armstrong said crypto voters will not be taken seriously until they send a clear message that opposing crypto is a political liability. He stated that the aim is to support pro-crypto candidates from both parties and vote out anti-crypto ones.

Coinbase’s latest donation, which brings the company’s total donation to Fairshake to $49 million, underlines the growing political influence of the crypto industry during the upcoming presidential and congressional elections.

The industry has often clashed with regulators such as the Securities and Exchange Commission and has been advocating for new legislation to help crypto business in the US.