- A $25 million payment to the pro-crypto super PAC Fairshake was made public by Coinbase.
- Coinbase outlined its strategy to obtain regulatory certainty by endorsing candidates that embrace cryptocurrencies from both political parties.
To support pro-crypto candidates in this year’s elections, Coinbase contributed $25 million to the federal super political action committee Fairshake, which advocates for cryptocurrency.
According to the cryptocurrency exchange, we have contributed to Fairshake SuperPAC together with other industry participants in order to support pro-crypto candidates and protect the rights of our users.
Coinbase stated in a blog post on Monday that it wants to bring regulatory certainty to cryptocurrencies. Coinbase believes that the best course of action is to elect pro-crypto candidates on both sides of the aisle and remove anti-crypto people from office due to what they perceive to be the sluggish and nonpartisan nature of American politics.
The business also stressed that endorsing candidates won’t favor one party over another, claiming that party lines roughly correspond with the distribution of cryptocurrency ownership.
Coinbase said that it will back the grassroots movement Standwithcrypto.org, which has gathered about a million signatures and enumerated prominent races and politicians who favor legislation that benefits cryptocurrency.
Fairshake can run advertisements for political candidates but is not permitted to give money directly to them like a super PAC. One such instance is when Fairshake ran an advertisement against California senate candidate Katie Porter.
The gift to the PAC is made just one week after Ripple and cryptocurrency venture capital firm a16z each contributed $25 million, greatly increasing the organization’s war chest. Based on information from Open Secrets, Fairshake is currently one of the best-funded super PACs in the nation, having raised an estimated $160 million.
Due to the fact that former US President Donald Trump accepted cryptocurrency contributions for his reelection campaign and promised to safeguard self-custody, cryptocurrency has become a significant issue in this year’s presidential election.
In the meantime, the Biden team has started contacting prominent figures in the cryptocurrency sector to solicit advice on the community and legislative choices.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
