Over the past week, the pro-cryptocurrency political action committee (PAC) has seen a significant increase in its funding, with sizable donations coming in from industry giants. Coinbase, along with San Francisco-based Andreessen Horowitz (a16z) and Ripple, each contributed $25 million. This strategic move brought Fairshake PAC’s fundraising total to an impressive $160 million this election cycle, placing it among the top five PACs in the country.
The series of donations began with Ripple, which committed $25 million on May 29, followed immediately by a matching contribution from a16z. Coinbase completed the trio of donations today, with a statement from its CEO, Brian Armstrong, emphasizing that the objective is to promote clear regulation of cryptocurrencies, supporting candidates favorable to the technology and eliminating those against it.
“The best way to achieve regulatory clarity in democratic countries is to elect pro-crypto candidates on both sides of the aisle and vote anti-crypto candidates out of office. This must be a bipartisan effort because passing the legislation will require support from both parties,” Armstrong said.
In addition to its financial participation, Coinbase has also taken a leading role in cryptocurrency advocacy efforts. The company launched a nonprofit advocacy group called Stand With Crypto, which has already brought together more than 900,000 advocates across the country. It has also faced opposition from financial regulators such as the Securities and Exchange Commission (SEC), especially regarding policies aimed at restricting cryptocurrencies.
The growing political involvement reflects the importance that cryptocurrencies have gained as an electoral issue. Recently, cryptocurrency has become a key discussion point among voters, putting pressure on politicians from different spectrums to take a stance on the issue.
According to a recent Grayscale survey, 33% of 1,700 respondents indicated that they will consider candidates’ positions on cryptocurrencies when voting. Furthermore, 77% believe that presidential candidates should have some knowledge on the subject. Armstrong highlighted that about 20% of the US population owns cryptocurrencies, a demographically young and diverse group that crosses ideological divides.
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Source: https://portalcripto.com.br/coinbase-amplia-investimento-politico-com-doacao-milionaria-contra-adversarios-da-criptomoeda/
