Regulation
Fairshake Super PAC gets $25 million boost from Coinbase
Coinbase, a popular crypto exchange in the United States, announced another $25 million Don to Fairshake’s Super Political Action Committee (PAC) in a blog post. Coinbase said this fund aims to elect pro-crypto candidates and defend the rights of crypto users.
With this latest contribution, Fairshake and its affiliates have raised a total of $160 million this election cycle, making it one of the largest Super PACs.
Crypto Industry Influence Grows With Coinbase Donation
This donation reflects Coinbase’s strategy to accelerate regulatory clarity through legislative and judicial means. Coinbase CEO Brian Armstrong stressed the importance of electing pro-crypto candidates to overcome legislative gridlock and ensure the sector’s growth.
“For a bill to become law in the United States, it must pass the House, the Senate and be signed into law by the President. And in our divided government, the default is that nothing will happen unless the cost of inaction is greater than the cost of doing what is right. This leads us to an important conclusion: the best way to achieve clearer regulation in democratic countries is to elect pro-crypto candidates from both sides of the aisle and remove anti-crypto candidates from office. ,Armstrong said.
Before Coinbase, Ripple and venture capital firm a16z also donated to Fairshake. Other backers include the Winklevoss twins of Gemini, Jump Crypto and Union Square Ventures. A report by Public Citizen found that digital asset-affiliated Super PACs, including Fairshake, raised the third highest amount of all super PACs ahead of the 2024 elections.
Learn more: Crypto regulation: what are the advantages and disadvantages?
List of crypto companies and personalities that donated to Fairshake Super PAC in 2023-2024. Source : Open Secrets
In addition to contributing to Fairshake, Coinbase launched his non-profit organization, Stand With Crypto, last August to advance pro-crypto legislation. Coinbase reported that at the time of writing, StandWithCrypto.org has over 900,000 advocates nationwide. Remarkably, this reflects the almost doubling of its membership since May 10, when Stand With Crypto had nearly 500,000 members.
Crypto companies and key industry figures highlight support pro-crypto candidates in November elections. This decision is crucial, given that the president Joe The Biden administration rigorous approach towards the crypto industry. Recently, Biden vetoed HJ Res.109, a bill that would have rescinded SEC Staff Accounting Bulletin No. 121 (SAB 121).
“My government will not support measures that jeopardize the well-being of consumers and investors. Appropriate safeguards that protect consumers and investors are necessary to harness the potential benefits and opportunities of innovation in cryptoassets,” Biden said on May 31.
Learn more: How does regulation impact crypto marketing? A complete guide
SAB 121 requires financial institutions to list their customers’ digital assets on their balance sheets. Critics say this mandate creates significant operational and financial burdens for companies that handle cryptocurrencies and exposes customer assets to risk in the event of bankruptcy.
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