Coinbase plans to donate $25 million to the pro-cryptocurrency super PAC Fairshake in the 2026 midterm elections as part of its ongoing commitment to making cryptocurrency a key part of the political conversation. It is unclear how the funds will be used, but Fairshake and its affiliated super PACs have used cryptocurrency industry funds to deploy advertising campaigns on digital and broadcast platforms this election cycle to help candidates who support the industry against candidates who oppose it.
"We are seeing a significant shift in the understanding and approach of cryptocurrencies and blockchain technology in both parties, with bipartisan agreement on the need to stop playing politics and support innovation to create jobs," said Josh Vlasto, a spokesman for Fairshake. "We look forward to continuing to build a long-term sustainable cryptocurrency alliance that protects consumers through responsible regulation and ensures that the United States continues to lead in technological innovation, growth and jobs."
Coinbase's latest donation brings the company's total political spending to $75 million, just one week before the end of the 2024 election cycle, during which the exchange was one of the largest corporate spenders, donating more than $50 million to various super PACs supporting the crypto industry.
Coinbase's donations account for 30% of the more than $170 million donated by U.S. crypto industry giants this year, including blockchain payment company Ripple and venture capital firm a16z. (FOX Business)