- 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.
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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