Coinbase has contributed $25 million towards Fairshake’s super PAC, meant to finance the political campaigning of crypto-inclined congress nominees. This gesture follows similar contributions made by Ripple and a16z to the tune of $25 million to Fairshake recently.
The super PAC has now received $161 million for the 2024 federal elections. Fairshake has sought additional contributions from entities such as the Winklevoss twins, Jump Crypto, and Union Square Ventures. This propels the digital asset subsidiary, super PAC, to the third position among the top super Pac fundraisers. Currently, in the congressional race, the Democrats appear slightly ahead, with a margin of 0.1%.
Altogether, Fairshake has dished out $11.3 million, out of which more than $10.7 million has gone towards fighting an individual Democratic candidate, Rep. Kate Porter. Incidentally, Porter is known to have dropped out of the California primary earlier this year. The seat she was aiming for belonged previously to Late Senator Dianne Feinstein.
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Fairshake has contributed the maximum amount to two candidates, one being Rep. Dusty Johnson (R-N.D.) and the other, Rep. Josh Gottheimer (D-N.J.). Each received more than $122,000. They were both responsible for all the details regarding the Financial Innovation and Technology for the 21st Century Act.
Over and above it all, Coinbase introduced a self-dependent nonprofit, Stand With Crypto, with the goal of advancing crypto legislation. Currently, it boasts approximately 1 million members.
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Meanwhile, SAB 121, which would have reversed the SEC’s regulation prohibiting conventional financial institutions from keeping their customers’ cryptocurrency on their behalf, was rejected by President Joe Biden.
