Coinbase, the largest cryptocurrency exchange in the USA, donated $25 million to the pro-cryptocurrency political action committee Fairshake, to which Ripple and a16z also donated, as the US presidential election approaches, which could change the fate of cryptocurrencies.
According to Fox Business, this donation from Coinbase increased Fairshake's total donation amount to $160 million and made Fairshake among the five largest political committees during the election period.
These donated funds support the Fairshake political action committee [PAC] and its affiliates, which are focused on supporting pro-crypto congressional candidates.
At this point, Fairshake has already spent over $40 million supporting pro-cryptocurrency candidates in the House and Senate races.
Coinbase CEO Brian Armstrong said the following about the donation:
“Cryptocurrency voters will not be taken seriously until they send a clear message to political candidates that being against crypto is bad policy.
Therefore, the simple conclusion is that we should support pro-crypto candidates on both sides of the aisle and vote out anti-crypto candidates.
We are deeply involved in policy efforts when it comes to our mission to increase economic freedom by increasing the adoption of cryptocurrencies.
The House and Senate, among other things, help determine what crypto legislation to pass, so increasing the number of pro-crypto members is critical.”
*This is not investment advice.