- Coinbase has donated $25 million to the pro-crypto super PAC Fairshake, significantly boosting its funds to support pro-crypto candidates in the upcoming 2024 U.S. elections.
- This strategic move aims to elect officials who will advocate for favorable crypto policies and provide regulatory clarity, countering actions by figures like SEC Chairman Gary Gensler.
With just five months left until the 2024 U.S. elections, major crypto firms are doubling down on their efforts to back candidates who could shape the future of the $2 trillion digital asset industry. The latest significant move in this arena came on Monday morning when Coinbase, the largest crypto exchange in the U.S., announced a hefty $25 million donation to the pro-crypto super PAC, Fairshake.
Boosting Fairshake’s Influence
This donation from Coinbase matches recent contributions from Ripple, a prominent crypto payments company, and Andreessen Horowitz, a tech-focused venture capital firm. With this influx of funds, Fairshake’s coffers now total $160 million, positioning it among the top five largest super PACs in this election cycle.
Fairshake has already invested over $40 million in support of pro-crypto candidates running for key House and Senate positions. The goal is clear: elect officials who will advocate for policies that favor the growth and stability of the crypto industry in the U.S.
“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,” stated Coinbase CEO Brian Armstrong in a blog post. He emphasized the bipartisan nature of the issue, affecting Democrats, Republicans, and Independents alike.
Lobbying for Change
Coinbase has been a vocal advocate for fair crypto policies in Washington D.C. The company has actively lobbied against what it sees as exclusionary regulatory treatment, particularly from Securities and Exchange Commission Chairman Gary Gensler, who has initiated enforcement actions against Coinbase and other industry giants like Ripple and Kraken.
Stand with Crypto, a non-profit advocacy group initiated by Coinbase, has significantly mobilized the crypto community. Since its inception in August, it has garnered nearly 950,000 supporters and raised over $87 million through its political action committee. The group’s website features a database of over 1,000 politicians, ranked by their stance on crypto issues, providing valuable tools for voters to engage with their representatives and support pro-crypto candidates.
The group’s lobbying efforts are credited with the House’s recent passage of the Financial Innovation and Technology (FIT) for the 21st Century Act. This bipartisan bill establishes a regulatory framework for digital assets. Notably, 33 of the 71 Democrats who voted in favor of the FIT legislation had met with Stand with Crypto founders, highlighting the group’s influence.
A Bipartisan Movement
While support for crypto has primarily come from Republicans, the passage of the FIT21 bill with 71 Democratic votes underscores growing bipartisan backing for digital assets in Congress. This bipartisan support is a promising sign for those who hope that pro-crypto politicians will drive the industry forward.
“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,” said Armstrong. “Therefore, the simple conclusion is that we need to support pro-crypto candidates on both sides of the aisle, and unceremoniously vote anti-crypto candidates out of office.”
As the 2024 elections approach, the stakes are high for the crypto industry. The concerted efforts of Coinbase and other major players reflect a strategic push to ensure that the future of digital assets is shaped by policymakers who understand and support the potential of this transformative technology.
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