Flood of Cash from Coinbase Gives Crypto One of the Biggest U.S. Election War Chests

U.S. digital assets exchange Coinbase (COIN) announced that it was following in the footsteps of its two major campaign-finance partners, Ripple and Andreessen Horowitz (a16z), in throwing another $25 million each into the pot that has taken in about $161 million to spend on the 2024 U.S. elections. The other two companies announced their new commitments last week.

The money is specifically bolstering the coffers of the industry’s Fairshake political action committee (PAC) and its affiliate PACs, which have been combing through state primaries to find congressional candidates who’ve left their political platforms open to pro-crypto positions. The committees have flooded some little-known politicians with millions in off-book support. So-called super PACs like these typically buy ads for or against candidates, but they aren’t allowed to have any official connections with the candidates’ campaigns.

Source: Flood of Cash from Coinbase Gives Crypto One of the Biggest U.S. Election War Chests