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Coinbase Gives Another $25 Million to Crypto Super-PAC Fairshake

Olga Kharif

3 June 2024 at 2:49 pm·1-min read

(Bloomberg) -- Coinbase Global Inc., the biggest US cryptocurrency exchange, has given another $25 million to the Fairshake SuperPAC, helping ramp-up donations geared toward electing candidates favorable to digital assets, Chief Executive Officer Brian Armstrong said in a post on the company’s blog.

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The political action committee and its affiliates have raised $160 million in this election cycle, Armstrong said. Last week, venture-capital firm Andreessen Horowitz, whose co-founder Marc Andreessen sits on Coinbase’s board, donated $25 million to Fairshake, as did crypto firm Ripple.

The super PAC paid for attack ads against Representative Katie Porter, an anti-crypto California Democrat who lost a Senate primary election in March. Fairshake had spent more than $40 million this cycle as of the end of April, according to tracker OpenSecrets.

“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,” Armstrong said in the blog post. “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.”

The move, which Coinbase said brings its total donations to Fairshake to $49 million, shows the crypto industry’s growing political presence in the November presidential and congressional races. The industry has long butted heads with regulators like the Securities and Exchange Commission, and has been pushing for passage of new legislation to make it easier to do business in crypto in the US.

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