Regulation
Fairshake Super PAC gets a $25 million boost from Coinbase
Coinbase, a popular cryptocurrency exchange in the United States, announced an additional $25 million donation to the Fairshake Super Political Action Committee (PAC) in a blog post. Coinbase said this fund aims to elect pro-crypto candidates and defend the rights of cryptocurrency users.
With this latest contribution, Fairshake and its affiliates have raised a total of $160 million this election cycle, making it one of the largest Super PACs.
Crypto Industry Influence Grows with Coinbase Donation
The donation reflects Coinbase’s strategy to accelerate regulatory clarity through legislative and judicial means. Coinbase CEO Brian Armstrong highlighted the importance of electing pro-crypto candidates to overcome legislative gridlock and ensure the industry’s growth.
“For a bill to become law in the United States, it must pass the House, the Senate and be signed by the President. And in our divided government, the default is that nothing will happen unless the cost of inaction is greater than doing the right thing. This brings us to an important conclusion: the best way to achieve regulatory clarity in democratic countries is to elect pro-crypto candidates on both sides of the aisle and vote anti-crypto candidates out of office,” Armstrong She said.
Before Coinbase, Ripple and the venture capital firm a16z also donated to Fairshake. Other donors include the Winklevoss twins of Gemini, Jump Crypto and Union Square Ventures. A relationship by Public Citizen found that Super PACs affiliated with Digital Assets, including Fairshake, raised the third-highest amount of all super PACs ahead of the 2024 election.
To know more: Cryptocurrency Regulation: What are the advantages and disadvantages?
List of crypto companies and figures who donated to Fairshake Super PAC in 2023-2024. Source: OpenSecrets
In addition to contributing to Fairshake, Coinbase launched his own non-profit organization, Stand With Crypto, last August to promote pro-cryptocurrency legislation. Coinbase reported that, as of this writing, StandWithCrypto.org boasts over 900,000 supporters nationwide. Remarkably, this reflects a near doubling of its members since May 10, when Stand With Crypto I had nearly 500,000 members.
This is underlined by crypto companies and key figures in the sector support pro-crypto candidates in the November elections. This move is crucial, given the President Joe That of the Biden administration rigorous approach towards the cryptocurrency sector. Recently, Biden vetoed HJ Res.109, a bill he would have had rescinded SEC Staff Accounting Bulletin No. 121 (SAT 121).
“My administration will not support measures that jeopardize the well-being of consumers and investors. Adequate guardrails that protect consumers and investors are needed to take advantage of the potential benefits and opportunities of cryptocurrency innovation,” Biden She said on May 31st.
To know more: How does regulation affect cryptocurrency marketing? A complete guide
SAB 121 requires financial institutions to list customers’ digital assets on their balance sheets. Critics argue that this mandate creates significant operational and financial burdens for companies that handle cryptocurrencies and exposes client assets to risk in bankruptcy situations.
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