Coinbase Supports Fairshake with $25 Million Donation to Back Crypto-Friendly Candidates

Coinbase, a prominent US crypto exchange, has contributed $25 million to Fairshake’s super PAC to back congressional candidates supportive of cryptocurrencies in upcoming state primaries.

This generous donation aligns with similar contributions from other key players in the crypto sector like Ripple and a16z, who also donated $25 million each to Fairshake recently. With a current balance of $161 million for this year’s federal elections, Fairshake has become a significant influencer in shaping the political arena.

Fairshake has already put its funds to use, spending over $11.3 million to date. Notably, a substantial portion of this amount, $10.7 million, was directed towards opposing a single Democratic candidate, Rep. Kate Porter. The top beneficiaries of Fairshake funding so far are Rep. Dusty Johnson and Rep. Josh Gottheimer, both instrumental in crafting the Financial Innovation and Technology for the 21st Century Act (FIT21).

Coinbase’s contribution comes amid a politically charged period for the crypto industry. President Joe Biden recently rejected a bill aiming to reverse the Securities and Exchange Commission’s policy on custodial crypto assets. Conversely, former President Donald Trump, seeking support from the crypto community, faced legal troubles with 34 felony charges. Despite these complexities, the crypto sector remains steadfast in advocating for its interests in the nation’s capital.