Coinbase, a prominent U.S. cryptocurrency exchange, has further contributed $25 million to Fairshake's super PAC, as revealed in a recent blog post. This financial backing aims to support congressional candidates sympathetic to cryptocurrency in upcoming state primaries.
The donation follows similar moves by Ripple, a16z, and other notable entities, bringing Fairshake's total funds for this year's federal elections to $161 million. Fairshake's efforts have garnered attention, with digital asset-associated super PACs ranking among the top fundraisers leading up to the 2024 election, as reported by Public Citizen.
In the realm of congressional races, recent polling indicates a tight contest, with Democrats holding a slim lead. Fairshake has already allocated a significant portion of its resources, notably targeting Democratic candidate Rep. Kate Porter in the California primary.
Notably, Reps. Dusty Johnson and Josh Gottheimer have emerged as major recipients of Fairshake's support, owing to their involvement in shaping the Financial Innovation and Technology for the 21st Century Act (FIT21). Alongside its contributions to Fairshake, Coinbase established Stand With Crypto, a nonprofit advocating for crypto-friendly legislation, which has mobilized a substantial membership base and engaged in extensive outreach to Congress.
However, amidst these developments, the cryptocurrency landscape faces political challenges. President Joe Biden's recent veto of SAB 121, aimed at altering the Securities and Exchange Commission's crypto policy, signals ongoing regulatory uncertainty.
Additionally, former President Donald Trump's legal troubles have dimmed prospects for his previously touted pro-crypto stance, dealing a setback to digital asset lobbyists who sought his support. Despite Trump's recent overtures towards the crypto community, such as accepting crypto donations for his presidential campaign, his credibility on this front has been undermined by legal woes and political turbulence.