Coinbase Global Inc. has committed an additional $25 million to Fairshake, a political action committee focused on advocating for the digital asset industry, ahead of the 2026 midterm elections. This funding aims to support pro-crypto candidates, as Coinbase CEO Brian Armstrong shared in a recent post on X.
Armstrong emphasized Coinbase’s determination to keep advocating for pro-crypto legislation beyond the upcoming election. Fairshake, backed by industry leaders like Coinbase, Ripple Labs, and Andreessen Horowitz, has been encouraging both Republican and Democratic candidates to take crypto seriously. By the end of the 2024 US election cycle, Fairshake is set to spend over $40 million, adding to the $140 million it has already invested in various congressional races across the country.
In the current presidential race, Republican nominee Donald Trump has shifted from his previous criticism of crypto, showing support for the industry, while Democratic Vice President Kamala Harris has pledged to create a regulatory framework for digital assets if elected. Armstrong commented on the impact of crypto supporters in the elections, noting, “This will be the most pro-crypto Congress ever.”
Crypto firms have criticized the SEC, led by Gary Gensler, for strict regulations following the 2022 market downturn and the collapse of FTX, led by Sam Bankman-Fried. In response, the industry has ramped up its campaign funding to advocate for clearer rules, though some critics view the sector’s political ambitions as overreaching.
Coinbase’s third-quarter earnings fell short of Wall Street’s expectations, affecting its stock performance. While Coinbase shares have risen about 22% this year, this lags behind Bitcoin’s 72% growth over the same period.
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