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Coinbase’s $25 Million Donation to Fairshake Super PAC

In a blog post on June 3, Coinbase CEO Brian Amstrong announced an additional $25 million donation in USDC to the super political action committee Fairshake which aims to support the elections of pro-crypto political candidates in the US’ 2024 election.

The donation boosted the organization’s budget to $161 million, placing it among the top five largest PACs in the current election cycle. The increase was significant if one considers Fairshake’s budget of only $78 million in December 2023.

Coinbase’s contribution to the super PAC comes after similar donations made by tech solutions company Ripple and investment firm a16z. Other notable donors include Gemini’s Winklevoss twins and blockchain trading firm Jump Crypto.

super pac fairshake donors

Individual donors with $200+ contributions to Super PAC Fairshake in the 2023-2024 election cycle (Source: opensecrets.org)

By the time of writing, Fairshake has spent $11.3 million, the majority of which directed against Democratic candidate Kate Porter. Key recipients of Fairshake funding include Republican Dusty Johnson and Democrat Josh Gottheimer, both contributed key votes in the passing of the FIT21 Act.

Strategies to Accelerate Regulatory Clarity for Crypto

The donation to Fairshake demonstrates Coinbase's commitment to promoting regulatory clarity for crypto adoption. Amstrong emphasized the importance of bipartisan efforts to elect pro-crypto candidates and oust anti-crypto skeptics, setting aside partisan differences to ensure a sound political future for crypto in the United States.

“For a bill to become law in the US, it must pass the House, Senate, and be signed into law by the President. And in our divided government, the default is that nothing will happen unless the cost of inaction is greater than doing the right thing. This leads us to an important conclusion: 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,” Armstrong stated.

Another strategy in Coinbase's handbook is its Stand With Crypto Alliance (standwithcrypto.org), launched August 2023. As of late, the movement has amassed close to 1 million crypto advocates and over $87 million in donations.

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Shaping Crypto Politics: Coinbase Donates Another $25 Million to Pro-Crypto Political Action Committee

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