Coinbase to Give Another $25 Million to Fairshake Super PAC in 2025 👉 Updatem News

Cryptocurrency exchange Coinbase will donate another $25 million to a pro-crypto Super PAC in hopes of getting more pro-crypto candidates elected.

Pro-crypto super PAC Fairshake will receive another $25 million from cryptocurrency exchange Coinbase in 2025 to support its efforts in the next election cycle.

Fairshake’s website says it aims to advocate for a more transparent regulatory and legal framework for the crypto industry that will enable blockchain innovators to better develop their networks.

In an Oct. 31 statement to social media platform X, Coinbase CEO Brian Armstrong said that when the dust settles after the Nov. 5 presidential election, he expects it “will be the most pro-crypto Congress ever.”

He also announced that the exchange would make another sizable contribution to Fairshake and support the Stand With Crypto Alliance, a non-profit organization dedicated to uniting global crypto advocates.

Coinbase also donated about $70.5 million to the super PAC during the 2023-2024 cycle.

“Coinbase has committed another $25M to support Fairshake PAC, which they will use leading up to the 2026 midterms to elect pro-crypto candidates,” he said.

“We’re also supporting Stand With Crypto in their stretch goal to reach 4m advocates by the 2026 midterms,” Armstrong added.

Currently, Stand With Crypto has 1.8 million advocates working with the group.

Crypto More Prominent in 2024 Election

Candidates’ views on cryptocurrency regulation have become more prominent in the lead-up to the 2024 election.

Former President Donald Trump has expressed clear support for a crypto industry “free from government surveillance and control.” Earlier this year, he teased making the United States the “crypto capital of the planet” and the Bitcoin “superpower of the world” at a keynote address at a Bitcoin conference in Nashville, Tennessee. He also said he would block the federal reserve from creating its own digital currency or Central Bank Digital Currency (CBDC).

His sons, Donald Trump Jr. and Eric Trump, also launched a decentralized finance (DeFi) platform for borrowing and lending in September, which the Republican nominee has endorsed.

Vice President Kamala Harris has yet to reveal an official position on crypto—a term used to refer to decentralized digital currencies that operate without centralized control by a government or central bank—reflecting a broader silence within her party.

In her 2024 policy platform, she refers to the broader term “digital currencies” and outlines plans to “encourage innovative technologies like AI and digital assets while protecting our consumers and investors.”

Under President Joe Biden (D), the Security and Exchange Commission cracked down on the industry over a lack of fundamental investor protections following the collapse of crypto exchange FTX. The Biden administration also directed the federal government to examine the technological infrastructure and capacity for establishing a CBDC.

“The crypto voter is already a force to be reckoned with, but it will continue to grow,” Armstrong said. “We’re going to keep showing up to protect our customer’s rights and help get sensible legislation passed in major markets around the world.”

Pro-crypto policy a top requirement for some voters

According to a survey released on Oct. 17 by crypto advocacy group The Digital Chamber, about 26 million United States voters could be part of a “crypto voting bloc,” flagging a pro-crypto policy as a top requirement when deciding who to vote for.

One in seven of the 1,004 survey respondents said crypto was “extremely” or “very” important in deciding who to vote for.

The survey also revealed that, “Both sets of voters think their own candidate is more supportive of crypto than the opponent is.”

The survey also showed there is bipartisan support for government regulations of the industry that “encourage growth and also protect consumer freedoms.”

At least 25 percent of Democrats and 21 percent of Republicans in the survey said a candidate’s pro-crypto stance would positively impact their likelihood of voting for them.

In an Oct. 30 shareholder letter for the third quarter of 2024, Coinbase said it was “prepared to work with either administration” after the election.

“Both presidential candidates, as well as politicians across the political spectrum, have adopted more favorable positions toward crypto—a significant shift from previous years,” the exchange said.

“This is evident in the recent bipartisan passage of pro-crypto legislation, despite opposition from the White House, demonstrating that support for crypto is gaining momentum.”

Original News Source Link – Epoch Times

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