Coinbase has recently joined Ripple in donating $25 million to Fairshake, a federal super political action committee (PAC) supporting pro-crypto candidates in the upcoming 2024 US elections. This contribution brings Fairshake and its affiliated organizations’ total fundraising to $160 million for this election cycle, solidifying its position as one of the largest Super PACs.
Despite having a strict no-politics policy, Coinbase CEO Brian Armstrong stated in a blog post that the company is committed to promoting economic freedom through the adoption of cryptocurrencies. He emphasized that 52 million Americans have owned crypto, and criticized some congressional leaders for their attempts to undermine the crypto industry in the U.S.
Last summer, Coinbase faced legal action when the SEC sued the company for operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency.
In recent developments, the House of Representatives passed the Financial Innovation and Technology for the 21st Century Act, despite opposition from the Biden Administration and SEC chair Gary Gensler. This legislation aims to provide a regulatory framework for digital assets, encompassing consumer protections and the role of crypto in illicit finance, although its future in the Senate remains uncertain.
Armstrong highlighted this bill as a sign of progress but stressed the importance of electing pro-crypto candidates and removing those opposed to the industry from office to achieve regulatory clarity in democratic nations.