Coinbase Boosts Lobbying Efforts With Massive Political Donations

Author and venture capitalist Balaji Srinivasan took to X (formerly Twitter) to comment on this event by claiming, “Attacking crypto means risking your seat.”

A political action committee (PAC) that supports cryptocurrency-friendly candidates has raised more money than any other super PAC for the 2024 cycle, according to Federal Election Commission (FEC) data compiled by OpenSecrets.

The Fairshake PAC has raised nearly $203 million, edging out the Make America Great Again Inc. Super-PAC, which has raised approximately $201 million. The Fairshake PAC has so far spent approximately $14.5 million, with the vast majority — around $10 million — spent against Katie Porter when she was running for Senate.

This group has received broad support from the crypto industry, led by Coinbase, which has committed over $45 million to the organization, with an additional $1 million from Brian Armstrong, the chief exec and founder of Coinbase. Ripple has also committed $45 million, and $44 million has come from Ben Horowitz and Marc Andreessen, named partners for Andreessen Horowitz.

While these firms have led the fundraising for this firm, they have been joined by many others, including Jump, Kraken, Circle, Paradigm, and more.

Attacking crypto means risking your seat.

This super PAC has attracted attention due to its focus on supporting candidates who are favorable to the cryptocurrency industry. The large sums of money raised by the PAC highlight the growing influence of crypto in the political arena.

Got a tip? Send us an email or ProtonMail. For more informed news, follow us on X, Instagram, Bluesky, and Google News, or subscribe to our YouTube channel.

The above is the detailed content of Coinbase Boosts Lobbying Efforts With Massive Political Donations. For more information, please follow other related articles on the PHP Chinese website!