Crypto exchange Coinbase has disclosed a $25 million donation to fairshake, a crypto-focused super PAC, as part of its increased lobbying efforts ahead of the November U.S. elections.
According to Coinbase CEO Brian Armstrong, this latest contribution brings the total raised by Fairshake and its affiliates to $160 million for this election cycle, matching recent donations from Ripple and Andreessen Horowitz.
Armstrong emphasized the importance of supporting pro-crypto candidates and removing anti-crypto candidates from office, stating that Coinbase will no longer back critics and will actively work to oust those against crypto.
Fairshake, fueled by its $160 million funding, ranks among the top super PACs in the U.S., able to spend unlimited amounts to support political candidates indirectly.
The PAC's largest expenditure this cycle is $10 million on lobbying against Democrats, comprising a significant portion of its $40 million total spending.
Coinbase's donation precedes the November elections, which include contests for the presidency, all House seats, and a portion of Senate seats. Despite challenges, Republican presidential candidate Donald Trump maintains a narrow lead over incumbent Joe Biden, according to recent polls.
June 2024, Cryptoniteuae