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Coinbase Global Boosts Political Funding: An Extra $25M to Fairshake PAC

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By on October 31, 2024 Altcoin, Bitcoin, Regulations, Trading, Web3
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The post Coinbase Global Boosts Political Funding: An Extra $25M to Fairshake PAC appeared first on Coinpedia Fintech News

As American voters continue to elect their government representatives for the next four years, Coinbase Global Inc. (NASDAQ: COIN) has reiterated its commitment to support pro-crypto leaders. Earlier today, Brian Armstrong, Coinbase co-founder and CEO, announced that the company has committed another $25 million for the Fairshake PAC, which has so far raised over $200 million for the course of supporting pro-crypto leaders.

According to the announcement, the latest funds will be crucial to securing more pro-crypto leaders in the 2026 midterm elections. In addition, Coinbase announced that it will support the Stand With Crypto initiative, which is meant to enhance the grassroots advocacy hub to empower crypto users. So far, the Stand With Crypto initiative has reached over 1.8 million advocate sign-ups and Coinbase intends to help them reach 4 million by 2026. 

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

Impact of the Fairshake PAC on Crypto Market 

The cryptocurrency exchange has so far donated nearly $100 million to the Fairshake PAC, which has made a significant donation to the Donald Trump campaign team for supporting the crypto industry. Moreover, Trump has committed to ensuring that the United States leads in crypto adoption, through positive regulations.

For instance, Trump hinted that he will not impose any tax on Bitcoin holdings if he is elected as the next POTUS. As of this writing, Trump was leading Kamala Harris with a difference of over 20 percent on the Polymarket prediction platform.

Once again, with feeling. Repeating misrepresentations of facts after previously being put on notice is …. unwise. https://t.co/XY4UFMGhGF https://t.co/73w6Alaigg

— paulgrewal.eth (@iampaulgrewal) October 31, 2024

Meanwhile, Coinbase could face potential legal action for its political contributions similar to the one facing tech billionaire Elon Musk in Philadelphia for offering $1 million to voters through his America PAC.

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