Coinbase donated $25 million to Fairshake, a pro-crypto federal political action committee, to boost pro-crypto candidates in this year’s election.
“We, along with others in the industry, have funded Fairshake SuperPAC to help elect cryptocurrency advocates and protect the rights of our customers,” Coinbase said.
Coinbase’s goal is to ensure regulatory clarity for cryptocurrencies, the exchange said in a blog post Monday. Due to the slow-moving and hyper-partisan nature of American politics, Coinbase concluded that the best way to achieve regulatory clarity is to “elect pro-cryptocurrency candidates on both sides of the aisle and vote anti-crypto candidates out of office.”
Coinbase also noted that cryptocurrency ownership is distributed more or less evenly along party lines, emphasizing that support for a candidate would not benefit one political party over another.
Coinbase noted that it will support grassroots organizations. standwithcrypto.org, which has already garnered nearly 1 million signatures and lists key races and candidates supporting the cryptocurrency bill. As a Super PAC, Fairshake cannot donate money directly to political candidates, but it can run ads for the benefit of candidates. One notable example is Fairshake. took out an ad Against California Senate candidate Katie Porter.
Donations arrive in a week ripple and cryptocurrency venture company a16z, respectively. donation It gave $25 million to the PAC, significantly boosting the organization’s war chest. Fairshake is now According to reports It has raised about $160 million, making it one of the best-funded super PACs in the country. secret revealed.
Along with former US President Donald Trump, cryptocurrency has emerged as a key issue in this year’s presidential election. accept Make a campaign donation in cryptocurrency to his re-election campaign and pledge: Protect Self-custody. Meanwhile, the Biden campaign has begun. Cheongha Provides guidance to crypto community and policy decisions to crypto industry players.
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