Coinbase throws its hat in super PAC to support crypto efforts

Coinbase has become the latest big crypto organization to try and influence American politics for the better of the industry

Cryptocurrency exchange Coinbase is the latest to plump for a super PAC, a political action committee by the name of Fairshake, which is designed to try and influence American politics and compel administrations, future and present, to work with the industry rather than pass legislation that backtracks the progress done over decades.

Coinbase CEO Brian Armstrong confirmed the donation on June 3 in a blog post, and joins the likes of Garlinghouse, Ripple’s CEO, who also donated $25 million last week, and who has been an outspoken critic to the US Securities and Exchange Commission with whom he has a bone to pick.

Armstrong is similarly opposed to some of the high-handedness coming from the Biden administration in matters that concern crypto, with the PAC now being courted by both Joe Biden, the current US President who is running for reelection in November, and the presumptive Republican nominee, Donald Trump, who is seeking a second term in office, and has promised to make things better for the crypto industry under his watch.

So far as crypto buffs are concerned, neither candidate has the track record to win their votes over, but the PAC may try and negotiate clear terms on why backing one administration or the other is preferrable. The onus would ultimately be on the candidates to convince the PAC and the people it represents now some of the biggest companies in the industry.

Both Biden and Trump are courting the industry as they hope to secure their votes which could prove crucial in the outcome of the political race in November. Andreessen Horowitz, a venture capital firm also donated to the super PAC previously, pushing the total funding the PAC had gathered to $160 million already.

Although the PAC cannot support candidates directly by, say, donate money to their campaigns directly, it may support them in ways, which could post one candidate in more favorable light among crypto basis. Courting the crypto industry is a double-edged sword, but either candidate has no options left but to engage, while trying not to alienate his or her existence bases.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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