- Coinbase contributed $25M to Fairshake PAC, part of the $160M raised this election cycle.
- Fairshake spent $10M targeting Democrats, notably against Rep. Katie Porter.
- Fairshake ranks among the top cash-rich super PACs in the U.S., spending $40 million this cycle.
Coinbase, a leading cryptocurrency exchange, has announced a substantial contribution of $25 million to the super political action committee (PAC) Fairshake. Coinbase CEO Brian Armstrong disclosed in a blog post on June 3 that Fairshake and its affiliates raised $160 million in total funds for this election cycle. This figure aligns with recent contributions from Ripple and venture firm Andreessen Horowitz.
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Fairshake operates within regulations that prohibit direct donations to political candidates. Instead, it utilizes its funds to support candidates who are favorable to its causes indirectly. Notably, Fairshake has allocated $10 million this election cycle to lobby against Democrats, demonstrating its commitment to fostering a legislative environment that supports cryptocurrency.
Political Strategies and Expenditures
Fairshake’s funds are allocated to various political strategies, including lobbying efforts and the production of attack ads. OpenSecrets, a group that tracks political spending, indicates that Fairshake has spent $40 million in the current cycle, with a significant portion of $10 million targeting Democratic candidates. Earlier this year, Fairshake financed advertisements against California Representative Katie Porter, who was unsuccessful in her March primary race for the Senate.
Armstrong articulated a clear strategy in his blog post, noting that engaging with critics remains a priority. Still, financial support would be directed toward cryptocurrency advocates in the political arena. According to OpenSecrets, this donation positions Fairshake among the top cash-rich super PACs in the United States.
Coinbase’s strategy to achieve regulatory clarity for the crypto sector includes electing pro-crypto candidates and removing anti-crypto politicians. Armstrong highlighted that around 52 million Americans, or 20% of adults, have owned cryptocurrency. These individuals span various political ideologies and support pro-crypto candidates. Armstrong also mentioned that Coinbase plans to continue investing in policy efforts over the coming decade as crypto regulations take shape worldwide.
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