Coinbase Increases Support for Pro-Crypto Policymakers in the US
Date: 2024-06-05 Author: Oliver Abernathy Categories: IN WORLD
Cryptocurrency exchange Coinbase announced an additional $25 million in funding for a super PAC called Fairshake. These funds are aimed at supporting politicians who support cryptocurrencies. This statement confirms the seriousness of the company's intentions to influence the political environment and legislative initiatives in the United States related to digital assets.
Coinbase has increased its investment in Fairshake with an additional $25 million. In an official statement, the exchange emphasized the non-partisan nature of its initiative:
“Digital assets are non-partisan. Coinbase is non-partisan. It’s time to elect candidates who value the cryptocurrency space more than partisan politics.”
Support from Major Players of the Cryptocurrency Market
Fairshake previously raised a total of $78 million from various major companies in the cryptocurrency market, including Ripple Labs, Coinbase, Circle, Kraken and Messari. Thanks to the new round of funding, the organization's budget has increased to $160 million. Fairshake does not endorse a specific party or candidate, but has the ability to direct significant sums to various politicians at its discretion.
Coinbase Long Term Plans
Coinbase intends to continue investing in this area over the coming decade. The company noted the importance of shaping the regulatory landscape for the cryptocurrency industry both in the US and around the world:
“We have invested heavily in shaping the regulatory landscape and plan to continue to do so over the coming decade as rules for crypto take shape around the world.”
Stand With Crypto Alliance Initiative
One of Coinbase's key initiatives is the Stand With Crypto Alliance, an advocacy group created to defend the interests of participants in the cryptocurrency space. According to the company, more than 900,000 participants across the United States have joined the initiative. Some of them have played significant roles in advancing important bills such as SAB 121 and FIT21.
Coinbase's additional $25 million investment in the Fairshake Super Committee demonstrates the company's commitment to actively participating in the political process and advocating for the interests of the cryptocurrency community. This also highlights the importance of creating a favorable regulatory landscape for the further development of the cryptocurrency industry. Initiatives like the Stand With Crypto Alliance play a key role in mobilizing the community and pushing for legislative changes that promote growth and stabilization of the digital asset market.
