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In a bold move signaling its commitment to the cryptocurrency political landscape, Coinbase has pledged $25 million to the super PAC Fairshake, aiming to bolster crypto-friendly candidates in the upcoming 2026 midterm elections.
This announcement comes on the heels of the ongoing 2024 election cycle, as the crypto industry ramps up its influence in American politics.
Coinbase CEO Brian Armstrong asserts that the “crypto voter” is a burgeoning force, with expectations that the next Congress will be the most pro-crypto yet.
We get the U.S. election results in 6 days, and no matter how you slice it, it will be the most pro-crypto congress ever. But we’re not slowing down post-election. Today I’m announcing that @coinbase has committed another $25M to support Fairshake PAC, which they will use…
This strategic investment brings Coinbase’s total commitments to Fairshake to nearly $100 million, solidifying its position as the leading backer of the PAC, which has raised over $200 million this election cycle.
Crypto industry has spent millions this election: here’s why
The crypto industry has emerged as a significant player in political funding, surpassing traditional heavyweight donors.
According to Federal Election Commission filings, crypto firms and executives have collectively injected approximately $120 million into federal races this election cycle, eclipsing contributions from established political powerhouses like the Koch family.
Fairshake, as the leading pro-crypto super PAC, has focused its spending on candidates perceived to be favorable to digital assets, while simultaneously targeting those who oppose crypto initiatives.
Notably, Fairshake has directed over $13 million against key Democratic candidates, including Sen. Katie Porter and Reps. Jamaal Bowman and Cori Bush, all of whom lost their primaries.
As the political landscape heats up, one notable battleground is Ohio, where Democratic Sen. Sherrod Brown faces a challenging re-election campaign against Republican candidate Bernie Moreno, a blockchain entrepreneur.
Crypto advocates have intensified their efforts in this race, channeling tens of millions of dollars to support Moreno, illustrating the industry’s willingness to back candidates who align with its interests.
The upcoming elections will serve as a litmus test for the crypto industry’s clout in Washington, especially as major political figures like former President Donald Trump and Vice President Kamala Harris court the crypto community.
Trump has recently pivoted his stance on cryptocurrency, promising to position the US as the “crypto capital of the planet” and vowing to fire SEC Commissioner Gary Gensler if elected.
His campaign has seen substantial crypto donations, with a pro-Trump PAC raising over $7.5 million in crypto since June.
This shift in rhetoric has boosted enthusiasm within the industry, contributing to a rise in Bitcoin’s value as election day approaches.
Conversely, Harris has maintained a more cautious approach to crypto, though she has started to show a degree of support, emphasizing consumer protection while encouraging innovation in digital assets.
The divergent strategies of these candidates highlight the complex dynamics at play as the crypto sector seeks favorable regulatory frameworks and clear guidelines from authorities like the SEC.
As the 2024 presidential election draws near, the cryptocurrency industry’s political ambitions are clear.
Industry leaders, such as JP Richardson, CEO of Exodus Crypto Wallet, have made substantial contributions to political campaigns, signaling a desire for regulatory clarity and support.
Richardson’s experience underscores a growing sentiment among crypto stakeholders: the need for a government that not only understands but also embraces the transformative potential of digital currencies.
Coinbase’s investment in Fairshake exemplifies the cryptocurrency industry’s proactive stance in shaping its political future.
With millions already spent and a diverse array of candidates targeted, the upcoming elections will be crucial in determining whether the pro-crypto agenda gains traction in Congress and beyond.
The growing momentum of the “crypto voter” could redefine the political landscape, marking a significant shift in how digital assets are perceived and regulated in the United States.
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