Coinbase, Andreessen Horowitz, and Ripple each donated $25 million to Fairshake, a crypto-focused PAC preparing for the upcoming US elections. This underscores heightened lobbying efforts in the sector ahead of November.
Coinbase, Andreessen Horowitz, and Ripple have each contributed $25 million to the crypto PAC Fairshake, which has raised $160 million for the election cycle. Fairshake is allocating $10 million towards lobbying efforts against Democratic candidates, making a significant impact on the upcoming U.S. elections. Backed by major crypto firms, Fairshake plays a pivotal role in influencing U.S. political outcomes through strategic financial contributions.
Coinbase Leads $160 Million Raised by Fairshake for Election Cycle
Crypto is non-partisan. Coinbase is non-partisan. It’s time to elect candidates who value crypto over partisan politics. #StandWithCrypto
Learn More→ https://t.co/ojeBKlrPbo— Coinbase 🛡️ (@coinbase) June 3, 2024
Coinbase’s recent donation, announced in a June 3 blog post by CEO Brian Armstrong, has brought Fairshake’s total funds raised this election cycle to $160 million. This matches contributions made by Ripple and Andreessen Horowitz last week. Armstrong emphasized the importance of crypto voters presenting a unified stance, stressing that political candidates need to recognize the implications of opposing the crypto industry.
Armstrong stated, “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.” He underscored the need to support pro-crypto candidates from all political backgrounds and ensure that those against crypto face consequences in elections.
Fairshake Emerges as a Powerful Super PAC
Fairshake has emerged as one of the most financially robust super PACs in the country, according to analysis from OpenSecrets. While it cannot directly donate to political candidates, Fairshake can allocate unlimited funds to support candidates through other channels. This election cycle, Fairshake’s largest expenditure, totaling $10 million, has been directed towards lobbying efforts against Democratic candidates, out of the $40 million it has spent so far.
Earlier this year, Fairshake funded attack ads targeting California Representative Katie Porter, who subsequently lost her primary race for the Senate in March.
Coinbase’s Critical Contribution Amidst Upcoming U.S. Elections
Coinbase’s recent contribution comes at a crucial juncture as the November 5 U.S. elections approach. These elections will decide the presidency, all 435 House seats, and 34 Senate seats. Currently, the House holds a Republican majority, while the Democrats control the Senate.
A May report by Public Citizen highlighted the crypto sector’s significant influence in key races, suggesting it could potentially sway control of Congress to one party or the other. According to a June 3 poll by FiveThirtyEight, Republican presidential candidate Donald Trump narrowly leads incumbent Joe Biden, despite facing legal challenges.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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