In a move to bolster the cryptocurrency industry’s political influence, oinbase">Coinbase has joined the ranks of prominent firms like Andreessen Horowitz and Ripple by donating $25 million to the crypto-focused super political action committee (PAC) Fairshake. This donation comes as the industry ramps up lobbying efforts ahead of the crucial November United States elections.
In a blog post on June 3, oinbase">Coinbase CEO Brian Armstrong revealed that the latest contribution brings the total amount raised by Fairshake and its affiliates to a staggering $160 million this election cycle. This amount matches the recent donations made by Ripple and the prominent venture firm Andreessen Horowitz.
Emphasizing the importance of political advocacy for the crypto industry, Armstrong stated, “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.” He further added, “We need to support pro-crypto candidates on both sides of the aisle, and unceremoniously vote anti-crypto candidates out of office.”
With its substantial $160 million funding, Fairshake has emerged as one of the country’s top cash-flushed super PACs, according to analysis by OpenSecrets. While super PACs cannot directly donate funds to political candidates, they can spend an unlimited amount of money to support them in other ways, such as through advertising and lobbying efforts.
OpenSecrets data reveals that Fairshake’s biggest expenditure this cycle has been $10 million on lobbying against Democrats, accounting for a quarter of the $40 million it has spent so far.
oinbase">Coinbase’s donation comes at a critical juncture, as the United States gears up for the November elections, where the presidency, all 435 House seats, and 34 out of 100 Senate seats are being contested. The cryptocurrency industry’s “outsized influence” in key races has the potential to sway the balance of power in Congress, according to a recent Public Citizen report.
As the crypto industry continues to gain mainstream adoption and recognition, its political clout is also increasing, with major players like oinbase">Coinbase and Ripple stepping up their lobbying efforts to shape favorable regulations and policies.
