While the 2024 election has yet to be concluded, Coinbase is already advancing its support to the 2026 midterms candidates through Fairshake
By Chimamanda U. Martha
Edited by Julia Sakovich
Updated
3 mins read
On Wednesday, Coinbase, the largest crypto exchange in the United States, announced that it had committed another $25 million to a crypto-friendly political action committee (PAC), Fairshake, to push pro-crypto candidates into the congress.
Coinbase has been fighting to ensure that US lawmakers introduce clearer rules for crypto to provide comprehensive guidelines on issuing, managing, and classifying digital assets to curb the Securities and Exchange Commission’s (SEC) regulation by enforcement.
To achieve this goal, the company has been constantly funding Fairshake, which aims to support pro-innovation and pro-crypto leadership in the 2024 Congressional Elections. To date, Coinbase has donated nearly $100 million to the political action committee, making it the largest single donor from the emerging economy supporting the PAC.
However, for the latest $25 million, Coinbase said the fund will be dedicated to supporting pro-crypto candidates in the lead-up to the 2026 midterm vote.
“Today I’m announcing that Coinbase has committed another $25M to support Fairshake PAC, which they will use leading up to the 2026 midterms to elect pro-crypto candidates,” Coinbase CEO Brian Armstrong wrote on X.
The Coinbase boss believes the next Congress “will be the most pro-crypto” yet adding, that the exchange is not “slowing down” anytime soon.
While the 2024 election has yet to be concluded, Coinbase is already advancing its support to the 2026 candidates through Fairshake. The political action committee has also received financial support from major industry players like Ripple, its chief executive officer Brad Garlinghouse, Andreessen Horowitz, and the Winklevoss brothers Tyler and Cameron.
Fairshake has received more than $200 million in funding this election cycle alone. Its end goal remains to endorse crypto-friendly politicians from both Republican and Democratic parties to represent the interests of the emerging economy in general decision-making.
With more than $40 million allocated to the final weeks of the 2024 US elections and a total of $140 million already deployed across congressional races, Fairshake has been highly active in supporting candidates aligned with crypto industry interests. Among the candidates backed by the PAC is Katie Porter, who received support during her primary bid for a California Senate seat but ultimately lost.
Fairshake also recently faced a setback in August when Ron Conway, an American venture capitalist who supports the PAC, decided to part ways due to Fairshake’s decision to endorse Bernie Moreno’s campaign with $12 million against his rival, Sherrod Brown.
According to the billionaire Democratic donor, Fairshake sidelined him during the decision-making process and never bothered to inform him about their choices despite his impending meeting with Senate Majority Leader Schumer in San Francisco the following day.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
