Coinbase Funds Pro-Crypto PAC Fairshake with $25 Million Donation
Coinbase has declared a significant contribution of $25 million in USDC to Fairshake, a pro-crypto super PAC, aiming to support the election of more candidates favorable to the cryptocurrency industry in the upcoming 2024 elections.
This donation adds to the momentum of Fairshake, which has seen substantial funding this week, including $25 million each from prominent crypto entities: Coinbase, Andreessen Horowitz (a16z), and Ripple. With Coinbase’s contribution, Fairshake’s fundraising for this election cycle has reached $160 million, positioning it among the top PACs in the country.
The sequence of donations commenced with Ripple’s $25 million pledge on May 29, promptly matched by a16z. Coinbase’s announcement today solidifies their commitment to promoting regulatory clarity by backing pro-crypto candidates and advocating against those who oppose the industry.
READ MORE: Vitalik Buterin Supports Tornado Cash Developers’ Legal Defense with Ethereum Donation
CEO Brian Armstrong emphasized the importance of bipartisan support for achieving regulatory certainty, stressing the need to elect representatives from both political parties who understand and support crypto-related initiatives. Coinbase has been actively involved in lobbying efforts, spearheading initiatives like Stand With Crypto, a non-profit advocacy group boasting over 900,000 supporters nationwide.
The increasing involvement of crypto stakeholders in political contributions underscores the industry’s push for regulatory transparency and recognition. With crypto-related matters gaining prominence among voters, politicians from across the spectrum are compelled to address these issues. A recent Grayscale Poll indicates a growing voter interest in candidates’ crypto stances, reflecting the demographic diversity and widespread appeal of cryptocurrency ownership in the United States.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
