Cryptocurrency exchange Coinbase, one of the biggest partners of the political action committee (PAC) Fairshake and the Stand With Crypto political initiative, said it was optimistic about pro-crypto legislation going into a new Congress.
In its shareholder letter for the third quarter of 2024, released on Oct. 30, the company said it was “prepared to work with either administration” in the United States, whether Democratic candidate and Vice President Kamala Harris or Republican Donald Trump wins the presidency.
Coinbase said it planned to help advance regulatory clarity for the industry as a new session of Congress begins in January 2025.
“Both presidential candidates, as well as politicians across the political spectrum, have adopted more favorable positions toward crypto, a significant shift from previous years,” said Coinbase, adding:
“This is evident in the recent bipartisan passage of pro-crypto legislation, despite opposition from the White House, demonstrating that support for crypto is gaining momentum.”
Related: Coinbase shares drop after-hours on Q3 earnings miss
The shareholder letter echoed comments from Coinbase CEO Brian Armstrong in the company’s second-quarter earnings call. He said the exchange was “increasingly optimistic that the next administration, whether Democrat or Republican, will be constructive on crypto.”
Supporting ‘pro-crypto’ candidates in 2024
Before the third-quarter earnings call, Armstrong announced on X that Coinbase would contribute another $25 million to Fairshake after donating $25 million in May and more than $20 million in 2023. The CEO has also personally contributed $1 million to the PAC.
According to Armstrong, Fairshake will use the funds for the 2026 midterms “to elect pro-crypto candidates.” It’s unclear whether Republicans will maintain control of the House of Representatives or the Democrats the Senate after the 2024 election.
Fairshake and many other crypto-funded PACs have been focused on media buys to support candidates running for House and Senate seats rather than Vice President Harris or Trump. Records from the Federal Election Commission showed that Armstrong has also personally donated to support candidates, including Texas Senator Ted Cruz, Ohio Senate candidate Bernie Moreno, and Trump’s running mate JD Vance.
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