Thursday, 31 October 2024
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Coinbase to donate $25m to PAC Fairshake to support pro-crypto candidates in 2026 midterms

Coinbase sues SEC, Ark Invest buys $8.6m in Coinbase stock

  • Coinbase is also supporting Stand With Crypto to increase its numbers to four million advocates
  • In a shareholder letter, Coinbase said it “prepared to work with either administration” regardless of who becomes the next POTUS

Coinbase is donating an extra $25 million to crypto super political action committee (PAC) Fairshake to support pro-crypto candidates during the 2026 Midterm elections.

In a blog post, the crypto exchange said it would be “helping Fairshake and its affiliates remain a force in the next election cycle by committing another $25 million to their efforts.” Coinbase will also be supporting Stand With Crypto to reach four million advocates ahead of the Midterms.

According to Coinbase, “the stakes are too high” for them to sit on the sidelines, adding:

“If we can disrupt the destructive efforts of anti-crypto politicians in DC during the tumult of a presidential election, imagine the strides we can make ahead of the Midterm elections.”

In a post on X, Brian Armstrong, CEO of Coinbase, said that following the US election results, the administration will be “the most pro-crypto congress ever,” and that they’re “not slowing down,” adding:

“The crypto voter is already a force to be reckoned with, but it will continue to grow. We’re going to keep showing up to protect our customer’s rights and help get sensible legislation passed in major markets around the world.”

In Coinbase’s shareholder letter for the third quarter of 2024, the organization said it was “prepared to work with either administration” in the US, regardless of whether Vice President Kamala Harris or former President Donald Trump becomes the next POTUS.

Rising crypto donations

Fairshake remains the largest in the US election cycle, raising over $202 million, according to Open Secrets, a research group that tracks money in US politics.

The crypto sector has played a significant role during the 2024 election race with the industry donating around $190 million in political donations so far.

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