- Coinbase is also supporting Stand With Crypto to increase its numbers to four million advocates
- In a shareholder letter, Coinbase said it “prepared to work with either administration” regardless of who becomes the next POTUS
Coinbase is donating an extra $25 million to crypto super political action committee (PAC) Fairshake to support pro-crypto candidates during the 2026 Midterm elections.
In a blog post, the crypto exchange said it would be “helping Fairshake and its affiliates remain a force in the next election cycle by committing another $25 million to their efforts.” Coinbase will also be supporting Stand With Crypto to reach four million advocates ahead of the Midterms.
According to Coinbase, “the stakes are too high” for them to sit on the sidelines, adding:
“If we can disrupt the destructive efforts of anti-crypto politicians in DC during the tumult of a presidential election, imagine the strides we can make ahead of the Midterm elections.”
In a post on X, Brian Armstrong, CEO of Coinbase, said that following the US election results, the administration will be “the most pro-crypto congress ever,” and that they’re “not slowing down,” adding:
“The crypto voter is already a force to be reckoned with, but it will continue to grow. We’re going to keep showing up to protect our customer’s rights and help get sensible legislation passed in major markets around the world.”
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
In Coinbase’s shareholder letter for the third quarter of 2024, the organization said it was “prepared to work with either administration” in the US, regardless of whether Vice President Kamala Harris or former President Donald Trump becomes the next POTUS.
Rising crypto donations
Fairshake remains the largest in the US election cycle, raising over $202 million, according to Open Secrets, a research group that tracks money in US politics.
The crypto sector has played a significant role during the 2024 election race with the industry donating around $190 million in political donations so far.
Former president Donald Trump has received his fair share of crypto donations. In June, the Winklevoss twins sent the US candidate $2 million in Bitcoin, and in the same month, Jesse Powell, co-founder of crypto exchange Kraken, donated $1 million in Ethereum to Trump’s campaign.
Vice President Kamala Harris has also received crypto donations. Earlier this month, it was reported that Chris Larsen, co-founder and chair of Ripple, was donating an extra $10 million in XRP to Vice President Kamala Harris’ election effort.
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