- Crypto exchange Coinbase has upped its political crypto advocacy donation to Fairshake Super PAC by another $25 million.
- Major industry figure Ripple made a similar move earlier this year.
- Several top industry players are advocating against anti-crypto policymakers.
The frequent clashes between crypto and regulatory authorities in the United States have given rise to increased calls for more policies and lawmakers that support financial innovation. Championing this course, the pro-industry political advocacy group Fairshake Super PAC has garnered support from major crypto scene players.
Coinbase Pushes Fairshakeโs Crypto Agenda
On Monday, June 3, 2024, America-based crypto exchange Coinbase became the latest to make a contribution to the Crypto Political Action Committee (PAC), Fairshake.
Sponsored
The donation of $25 million in USDC marks the exchangeโs second major contribution to the ongoing pro-crypto industry campaign ahead of the upcoming elections in the United States. Coinbase CEO Brian Armstrong emphasized the importance of supporting the PACโs โstand with cryptoโ advocacy to avoid the industry’s elimination by congressional leaders who oppose the asset class.
โThe best way to get regulatory clarity in democratic countries is to elect pro-crypto candidates on both sides of the aisle, and to vote anti-crypto candidates out of office,โ stated the CEO.
Coinbaseโs donation brings the total raised by Fairshake Super PAC to $160 million, which was contributed by several major industry players.
Major Industry Players Rally Behind PAC
Apart from Coinbase, Fairshake has bagged support from other industry participants. One notable contributor is XRP owner Ripple, who has donated $50 million to chart the campaign course.
Ripple CEO Brad Garlinghouse emphasized the firmโs commitment to educating voters on the dangers the industry faces in the hands of non-supportive policymakers to guarantee a nurturing environment for the asset class in the future.
"Ripple will not, and the crypto industry should not, keep quiet while unelected regulators actively seek to impede innovation and economic growth that millions of Americans utilize. The crypto industry intends to remain heavily invested in this effort until we see meaningful change," stated Garlinghouse.
Other firms, including Kraken, Gemini, Andreessen Horowitz, and ARK Invest, have also contributed to PAC, openly advocating for a change in leadership to support the industry.
On the Flipside
- According to Coinbase, StandWithCrypto has amassed over 900,000 advocates across the United States.
- Considering the regulatory scrutiny fallen crypto mogul SBF faced from authorities for political campaign donations, Coinbase and other firms may potentially face legal troubles for their hefty contributions.
- Crypto has been spotlighted as likely to play a major role in the upcoming US elections.
Why This Matters
Coinbase and other major industry figures’ funding of Fairshake Super PAC advocacy underscores their commitment to strengthening and contributing to the eradication of anti-crypto policies to promote a more favorable environment for the industry.
Read more about the ongoing advocacy for industry nurturing political leaders:
โStand With Cryptoโ Backs U.S. Politicians with Fundraiser Plan
Hereโs how Binance is adjusting stablecoin offerings in the EU, read more:
Binance to Limit Stablecoin Offerings as New MiCA Laws Close In