Coinbase Donates $25 Million As Crypto Industry Boosts Election Campaign War Chest To $160 Million

Updated: 04 June 2024

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Coinbase says it donated $25 million to the crypto-focused political action committee Fairshake as the crypto industry ramps up its lobbying efforts ahead of the upcoming US elections in November.

“For too long, some congressional leaders who are out of touch with their constituents have attempted to eliminate the crypto industry from the US,” Coinbase CEO Brian Armstrong wrote in a Jun. 3 blog post. “The best way to get regulatory clarity in democratic countries is to elect pro-crypto candidates on both sides of the aisle, and to vote anti-crypto candidates out of office.”

Coinbase, Ripple And Andreesen Horowitz The Latest To Contribute To Fairshake

Armstrong said Coinbase is open to talking to critics, but said it is time to “get anti-crypto candidates out of office.”

With this latest donation, the crypto industry has collectively raised $160 million to spend on the election cycle. Coinbase’s $25 million contribution follows equally-sized donations by Ripple and venture firm Andreessen Horowitz made last week. Fairshake is now one of the country’s top super PACs, OpenSecrets analysis shows.

Crypto is non-partisan. Coinbase is non-partisan. It’s time to elect candidates who value crypto over partisan politics. #StandWithCrypto
Learn More→ https://t.co/ojeBKlrPbo

— Coinbase 🛡️ (@coinbase) June 3, 2024

Meanwhile, the PAC’s biggest expense this cycle was $10 million allocated towards lobbying against Democrats. This is a quarter of the money that Fairshake has spent this cycle so far. The PAC also spent money on attacking advertisements against California Representative Katie Porter earlier this year.

Crypto Becoming A Focal Point In US Politics

Elections on Nov. 5 will see candidates compete for the presidency, all 435 House seats and 34 out of 100 Senate seats. Currently, the House comprises majority Republicans, while Democrats control the Senate.

In recent weeks, crypto has become a focal point in US politics. A May Public Citizen report said that digital assets have evolved into an “outsized influence” that could “tip control of Congress toward one party or the other.”

Former President Donald Trump is looking to capitalize on crypto’s potential influence in the race. He recently announced that his campaign will accept donations in digital assets.

This prompted current President Joe Biden and his campaign to reach out to crypto industry experts as well in a last-ditch effort to win over the Web3 community.