- Coinbase, Andreessen Horowitz, and Ripple each contribute $25M to the crypto PAC Fairshake, raising $160M for the election cycle.
- Fairshake spends $10M on lobbying against Democratic candidates, significantly impacting the upcoming U.S. elections.
- Fairshake, backed by major crypto firms, plays a pivotal role in shaping U.S. political outcomes through strategic financial contributions.
Coinbase has joined forces with Andreessen Horowitz and Ripple, contributing $25 million each to the crypto-focused super political action committee (PAC) Fairshake in preparation for the upcoming United States elections. This move underscores the sector’s intensified lobbying efforts as the November elections approach.
Strengthening the Crypto Lobby
Coinbase’s recent donation, announced in a June 3 blog post by CEO Brian Armstrong, has brought the total funds raised by Fairshake and its affiliates to $160 million this election cycle. This matches the contributions made last week by Ripple and the venture capital firm Andreessen Horowitz. Armstrong emphasized the need for a unified stance among crypto voters, suggesting that political candidates must understand the repercussions of opposing the crypto industry.
“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,” Armstrong stated. He highlighted the importance of supporting pro-crypto candidates across the political spectrum and ensuring that those opposed to crypto face electoral consequences.
Political Influence and Expenditures
Fairshake has become one of the most financially robust super PACs in the country, according to OpenSecrets analysis. While it is prohibited from directly donating to political candidates, Fairshake can allocate unlimited funds to support candidates through other means. OpenSecrets data indicates that Fairshake’s largest expenditure this cycle has been $10 million on lobbying efforts against Democratic candidates, representing a significant portion of the $40 million it has spent so far.
Earlier this year, Fairshake funded attack ads targeting California Representative Katie Porter, who subsequently lost her primary race for the Senate in March.
Impact on Upcoming Elections
Coinbase’s contribution comes at a critical time, with the November 5 U.S. elections on the horizon. The elections will determine the presidency, all 435 House seats, and 34 of the 100 Senate seats. Currently, the House has a Republican majority, while the Democrats control the Senate.
A May report from Public Citizen highlighted the crypto sector’s significant influence in key races, suggesting that this influence could potentially shift control of Congress towards one party or the other. According to a June 3 poll from FiveThirtyEight, Republican presidential candidate Donald Trump holds a narrow lead over incumbent Joe Biden, despite his recent legal challenges.
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