Key Takeaways:
- Coinbase has contributed $25 million to the pro-crypto PAC Fairshake, joining Andreessen Horowitz and Ripple, raising the total funds to $160 million.
- Fairshake, one of the most well-funded super PACs, aims to support pro-crypto candidates and oppose anti-crypto politicians in the upcoming U.S. elections.
- The PAC’s largest expenditure has been $10 million on lobbying against Democrats, including attack ads against California Representative Katie Porter.
Coinbase has contributed $25 million to the crypto-focused super political action committee (PAC) Fairshake, joining forces with Andreessen Horowitz and Ripple.
This brings the total funds raised by Fairshake to $160 million for this election cycle.
Coinbase has given another $25 million to the Fairshake SuperPAC, helping ramp-up donations geared toward electing candidates favorable to digital assets, CEO Brian Armstrong said in a post on the company’s blog https://t.co/t3vJcbd6EH
— Bloomberg Crypto (@crypto) June 3, 2024
The PAC aims to influence U.S. elections by supporting pro-crypto candidates and opposing anti-crypto ones.
Coinbase CEO Brian Armstrong emphasized the importance of supporting pro-crypto candidates and actively working to remove anti-crypto politicians.
Fairshake is now one of the most well-funded super PACs in the country, capable of spending unlimited amounts to support candidates.
Coinbase donates $25 million to super PAC Fairshake—days after Biden vetoes crypto custody bill. https://t.co/NikOaekQGP
— FORTUNE (@FortuneMagazine) June 3, 2024
Fairshake’s largest expenditure has been $10 million on lobbying against Democrats.
The PAC also funded attack ads against California Representative Katie Porter earlier this year.
Coinbase’s donation comes ahead of the November 5 U.S. elections, which will decide the presidency, all 435 House seats, and 34 Senate seats.
Coinbase donates $25 million to crypto super PAC Fairshake https://t.co/TkVeeo05o9
— The Block (@TheBlock__) June 3, 2024
Currently, the House has a Republican majority, while Democrats control the Senate.
The crypto sector’s influence could shift control of Congress.
💸 Coinbase, the largest crypto exchange in the United States, has announced a donation of $25 million to the pro-crypto super PAC Fairshake.#Coinbase #Fairshakehttps://t.co/4YOGU6AekK
— Cryptonews.com (@cryptonews) June 3, 2024
Republican candidate Donald Trump leads incumbent Joe Biden by 1 percentage point according to recent polls.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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