Coinbase has committed to donating $25 million to Fairshake, a crypto PAC funded by crypto-linked companies that supports the aspirations of crypto-friendly candidates. The move was criticized by contrarians who alleged Coinbase’s moves are illegal under U.S. laws.
Coinbase Pledges Millions to Crypto PAC War Chest, Rejects Illegality Allegations
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Coinbase Pledges $25 Million to Fairshake Crypto PAC
Coinbase, the largest U.S.-based cryptocurrency exchange, is moving to establish crypto as one of the more relevant lobbies in the electoral arena. The company recently pledged to donate $25 million to support pro- crypto candidates via Fairshake, a crypto-focused political action committee (PAC).
Brian Armstrong, CEO of Coinbase, reinforced the institution’s commitment to advancing clear rules for cryptocurrency companies in the U.S. In social media, Armstrong stated:
We’re not going to slow down post-election. We know we need to have pro- crypto legislation passed in this country.
Furthermore, Armstrong announced the funds would be used in the upcoming 2026 midterms to elect pro- crypto candidates.
Fairshake has become the go-to name for crypto companies to support the crypto cause in elections, having already received donations from powerhouses like Ripple Labs and Andreessen Horowitz. The PAC has already spent over $140 million in congressional election races and expects to spend $40 million more in the last weeks leading to the U.S. election.
“We get the U.S. election results in six days, and no matter how you slice it, it will be the most pro- crypto Congress ever. The crypto voter is already a force to be reckoned with, but it will continue to grow,” Armstrong concluded.
Coinbase is especially interested in achieving regulatory clarity, as the company has been embroiled in a legal battle with the U.S. Securities and Exchange Commission (SEC) over its potential infringement of securities laws.
The exchange had pledged $25 million previously to the same PAC in June. At that time, Armstrong assessed that the fastest path to clear crypto regulation included electing pro- crypto candidates.
Read more: Coinbase Raises Fairshake Super PAC Fund by $25M to Push Crypto Legislation
This new donation prompted criticism, as crypto researcher Molly White alleged Coinbase was banned from making political contributions as an active federal contractor. Coinbase CLO Paul Grewal rejected these statements, stressing that seized crypto assets under exchange custody were not congressionally appropriated funds.
