Coinbase Adds $25M to Crypto Super PAC Fairshake, Total Nears $100M

TLDR

• Coinbase pledges additional $25M to Fairshake super PAC, bringing their total commitment to nearly $100M
• Fairshake’s total contributions reach approximately $186M, making it one of the largest PACs in the 2024 election
• Coinbase aims to expand Stand with Crypto advocacy group to 4M members by 2026 midterms
• PAC supports bipartisan candidates who favor crypto innovation and regulatory clarity
• The initiative targets representation for 52M Americans involved with digital assets

Cryptocurrency exchange Coinbase has announced a new $25 million commitment to Fairshake, a nonpartisan super PAC, as part of its continued efforts to shape cryptocurrency policy in United States politics.

This latest pledge, scheduled for 2025, brings Coinbase’s total investment in the political action committee to nearly $100 million.

The announcement came through a Wednesday blog post and social media statement from Coinbase CEO Brian Armstrong, who expressed confidence in the growing influence of crypto voters.

“The crypto voter is already a force to be reckoned with, but it will continue to grow,” Armstrong stated on X (formerly Twitter).

We get the U.S. election results in 6 days, and no matter how you slice it, it will be the most pro-crypto congress ever.

But we’re not slowing down post-election.

Today I’m announcing that @coinbase has committed another $25M to support Fairshake PAC, which they will use…

— Brian Armstrong (@brian_armstrong) October 30, 2024

Fairshake, established in 2023, has emerged as a major force in political fundraising, with total contributions now reaching approximately $186 million.

This makes it one of the largest super PACs involved in the 2024 election cycle, competing with traditional political fundraising powerhouses like ActBlue and WinRed.

The super PAC receives support from other major players in the cryptocurrency industry beyond Coinbase, including Ripple and venture capital firm Andreessen Horowitz.

Its stated mission focuses on supporting candidates who advocate for cryptocurrency innovation, clearer regulations, and job creation within the United States.

In addition to the Fairshake commitment, Coinbase revealed plans to expand its grassroots advocacy group, Stand with Crypto.

The exchange aims to increase the organization’s membership to four million supporters before the 2026 midterm elections, representing the interests of the estimated 52 million Americans who engage with digital assets.

Fairshake’s strategy includes bipartisan support across the political spectrum. The PAC has announced plans to spend approximately $25 million on television advertising for eighteen congressional candidates, split evenly between Republicans and Democrats, across twelve states from Alaska to New York.

The super PAC allocates roughly $1 million per district where its supported candidates are running. This balanced approach reflects Fairshake’s commitment to building influence on both sides of the political aisle, including among presidential candidates for the upcoming election.

Current political discussions around cryptocurrency have shown varying levels of support. Former President Donald Trump has proposed creating a strategic Bitcoin reserve that would hold up to 1 million BTC as part of U.S. financial reserves, along with establishing a crypto advisory council for transparent regulation.

Vice President Kamala Harris has taken a more measured approach, expressing support for blockchain technology while emphasizing the importance of protecting minority investors through regulatory frameworks.

The cryptocurrency industry’s increased political engagement comes during a period of intense regulatory scrutiny.

The Securities and Exchange Commission has maintained a strict stance on cryptocurrency regulation under the Biden administration, prompting increased efforts from organizations like Fairshake to support crypto-friendly candidates.

Fairshake has actively worked to influence electoral outcomes, including opposing candidates they view as anti-crypto. One notable example is their campaign against Katie Porter, who ultimately lost her primary bid for a California Senate seat.

The PAC’s spending patterns show a strategic approach to political influence, with funds distributed across multiple states and campaigns.

This widespread distribution helps maximize the impact of their political messaging and support for pro-crypto candidates.

Through its latest commitment, Coinbase demonstrates a long-term approach to political advocacy, with funding already planned for the 2026 midterm election cycle.

This forward-looking strategy suggests the company anticipates continued regulatory challenges and opportunities in the years ahead.

According to data from nonprofit organization OpenSecrets, Fairshake’s fundraising success places it among the most well-funded super PACs in current American politics.

The organization’s ability to attract large donations from industry leaders highlights the growing financial influence of the cryptocurrency sector in political campaigns.

The timing of Coinbase’s announcement, just days before the 2024 general election, emphasizes the company’s commitment to maintaining momentum in political advocacy regardless of immediate election outcomes.