Coinbase Matches Ripple with $25M Election Campaign Donation

The exchange has made a second hefty financial contribution to support the ongoing advocacy for pro-crypto political leaders.

Brian Armstrong holding a briefcase of money surrounded by golden confetti.
Created by Gabor Kovacs from DailyCoin
  • 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 Fairshake’s 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 exchange’s 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 PAC’s ‘stand with crypto’ advocacy to avoid the industry’s elimination by congressional leaders who oppose the asset class.

“The 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,” stated the CEO.

Coinbase’s 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 firm’s 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.

Sponsored

"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:
‘Stand With Crypto’ Backs U.S. Politicians with Fundraiser Plan 

Here’s how Binance is adjusting stablecoin offerings in the EU, read more:
Binance to Limit Stablecoin Offerings as New MiCA Laws Close In

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Grace Abidemi

Grace Abidemi, a cryptocurrency reporter at DailyCoin, covers industry developments and trends. She previously worked as a freelance writer. With a Bachelor's degree in German Language and certifications in marketing and storytelling, Grace creates engaging content. When not working, she's in Nigeria, mastering cooking and canvas painting, and enjoys learning about different cultures and languages.