Coinbase Raises Fairshake Super PAC Fund by $25M to Push Crypto Legislation

Coinbase CEO Brian Armstrong has outlined the optimal strategy to achieve regulatory clarity for the crypto sector in the U.S. The executive emphasized the necessity of electing pro-crypto candidates, highlighting Stand With Crypto’s 900,000 advocates and their impact on key legislative votes. Armstrong also mentioned Coinbase’s recent $25 million contribution to the Fairshake Super PAC, aimed at supporting pro-crypto initiatives.

Brian Armstrong Outlines Coinbase’s Strategy for Regulatory Clarity for Crypto Sector

Crypto exchange Coinbase (Nasdaq: COIN) published a blog post by its CEO Brian Armstrong on Monday titled “How to get regulatory clarity for crypto.” Armstrong explained that in pursuit of enhancing economic freedom through cryptocurrency adoption, Coinbase is “deeply engaged in policy efforts,” elaborating:

We’ve invested substantially in our policy efforts to-date and plan to continue investing over the coming decade as crypto rules take shape around the world.

The executive highlighted that around 52 million Americans, or 20% of the adult population, have owned cryptocurrency. He pointed out that these individuals span across various political ideologies and back pro-crypto candidates. Despite efforts by some congressional leaders to hinder the crypto industry, he emphasized that public support remains robust due to its perceived benefits. He also noted that this demographic is seeking alternatives to the existing bureaucratic system and is determined to influence the upcoming election.

According to Armstrong, Stand With Crypto, a non-profit alliance uniting global crypto advocates, now boasts over 900,000 supporters, exceeding the 2020 voting margins in key battleground states such as Georgia and Arizona. More than 200,000 advocates have reached out to Congress, impacting crucial votes on SAB 121 and FIT21. He underscored the importance of achieving regulatory clarity for the global adoption of cryptocurrency, noting recent progress with the bipartisan passage of the FIT21 bill in the U.S. House of Representatives.

Armstrong outlined that Coinbase’s strategy includes developing new case law through the courts and urging Congress to pass relevant legislation. However, he acknowledged that this process is slow due to the divided government. He suggested that the most effective approach is to elect pro-crypto candidates from both parties and oust anti-crypto politicians.

“We, along with others in the industry, have helped fund Fairshake Super PAC to help elect pro-crypto candidates, and defend the rights of our customers,” Armstrong said, adding:

Coinbase has donated an additional $25m in USDC, bringing the total Fairshake and its affiliates have raised $160m in this election cycle, making it one of the largest Super PACs.

Recently, Ripple and Andreessen Horowitz also donated $25 million each to Fairshake Political Action Committee (PAC).

What do you think about Coinbase’s efforts to achieve regulatory clarity in the U.S. for the crypto sector? Let us know in the comments section below.

Source: Bitcoin

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