Coinbase Donates $25 Million Towards Voting Out Anti-Crypto Politicians

Coinbase has announced a $25 million contribution in USDC to the pro-crypto super political action committee (PAC), Fairshake. The crypto exchange wants to ensure that more pro-crypto candidates are elected in the 2024 elections.

Also Read: Coinbase Submits Closing Brief Opposing SEC’s Petition Denial

The pro-crypto PAC has had a busy week, raising $25 million each from three leading crypto companies, including Coinbase, the largest US-based crypto platform, venture capital firm, Andreessen Horowitz (a16z), and San Francisco-based crypto company, Ripple. Coinbases’ donation means that Fairshake has raised $160 million during this election cycle, making it one of the top five PACs.

Coinbase Follows Ripple, A16z Lead With Fairshake Donation

Ripple opened the floodgates with its $25 million donation on May 29, which was immediately matched by a16z. Coinbase completed the list earlier today, with CEO, Brian Armstrong, saying the company’s donation is focused on achieving regulatory clarity by electing pro-crypto candidates and voting out anti-crypto candidates.

“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. This must be a bipartisan effort, because getting legislation passed will require support from both parties.”

Brian Armstrong

Notably, Coinbase has played a leading role in crypto lobbying efforts. The exchange started a non-profit advocacy group, Stand With Crypto, which has gathered over 900,000 advocates nationwide. The company has also fought financial regulators like the Securities and Exchange Commission (SEC) over their anti-crypto moves.

Crypto Goes Political

The massive donations to crypto-focused PACs highlight the efforts by crypto stakeholders to get regulatory clarity for the emerging industry. In recent months, crypto has become an important topic for voters, forcing politicians from both sides to address it.

Also Read: Fed Survey: 7% of US Adults Use Crypto, Down from Previous Years

According to a recent Grayscale Poll, 33% of the 1,700 respondents say they will consider the crypto views of candidates when voting. 77% believe presidential candidates should have some knowledge about crypto. Armstrong highlighted this in his statement, noting that 20% of the US population owning crypto are younger, more racially diverse, and cut across political ideological lines.