Coinbase donated $25 million to the pro-crypto federal super political action committee Fairshake to bolster pro-crypto candidates in this year’s elections.
“We, along with others in the industry, have helped fund Fairshake SuperPAC to help elect pro-crypto candidates, and defend the rights of our customers,” Coinbase said.
Coinbase's goal is to get regulatory clarity for crypto, the exchange said in a blog post on Monday. The alleged slow and bipartisan nature of U.S. politics has led Coinbase to conclude that the best way to get regulatory clarity is to “elect pro-crypto candidates on both sides of the aisle, and to vote anti-crypto candidates out of office.”
Coinbase also emphasized that support for candidates will not benefit one party over another, stating that crypto ownership is distributed more or less equally along party lines.
Coinbase pointed out that it will support the grassroots organization Standwithcrypto.org, which has already amassed nearly 1 million signatures and has listed out key races and candidates who support pro-crypto legislation. As a super PAC, Fairshake cannot donate funds directly to political candidates but can run ads for their benefit. In one notable example, Fairshake released an ad against California senate candidate Katie Porter.
The donation comes just a week after Ripple and crypto venture firm a16z each donated $25 million to the PAC, significantly bolstering the organization's war chest. Fairshake has now reportedly taken in around $160 million in funds, which makes it amongst the best-funded super PACs in the country according to data from Open Secrets.
Cryptocurrency has emerged as a key issue in this year’s presidential election, with former U.S. President Donald Trump accepting campaign donations in crypto for his re-election campaign and vowing to protect self-custody. The Biden campaign, meanwhile, has begun reaching out to crypto industry players for guidance on the crypto community and policy decisions.