Coinbase has donated an additional sum of around $25 million to crypto-friendly PAC Fairshake. Fairshake stands as a political action committee for the digital asset sector that has grown to be a significant force in the US election.
In a post on the social media platform X on Wednesday, Coinbase CEO Brian Armstrong stated that Fairshake will use the funds to back pro-crypto candidates ahead of the 2026 midterm election.
US Elections See Huge Donations For Crypto Supporting PACs
The additional donation by Coinbase comes at a time when the events unfolding before the November US elections have seen huge donations for crypto-friendly PACs.
Previously, the Federal Election Commission (FEC) reported that a political action committee that backs former President Donald Trump has raised about $7.5 million in cryptocurrency contributions.
Bitcoin, Ether, XRP, and stablecoins like Tether and USDC were among the many digital assets donated by contributors.
Trump has positioned himself as a pro-crypto candidate, despite his skepticism of the industry during his time in the White House, and this fundraising effort coincides with the 2024 election.
The presidential campaign of Donald Trump is being closely watched by people across the United States. The cryptocurrency community seems to be hoping for greater market acceptance and reach if Trump is elected to a second term as president.
US Elections See Heightened Role Of Crypto
Previously, Donald Trump presented a daring plan to use cryptocurrency holdings to reduce the nation’s rapidly growing $35 trillion debt. To avoid a financial meltdown, Trump proposed using Bitcoin or a “crypto check” to settle the debt in an interview with Maria Bartiromo of Fox News.
The plan demonstrates Trump’s renewed interest in digital assets and his conviction that US innovation in the cryptocurrency sector is essential to the country’s competitiveness.
Additionally, the Bitcoin industry saw an opportunity to expand further when Trump declared that if reelected, he would ensure that the government never sold its Bitcoin holdings.
According to Forbes, one in five Americans currently own digital assets. There are precisely 52 million people. These individuals are also often found in key swing states and wield considerable influence.
The outcome of the US presidential election will be significantly influenced by the crypto community. Therefore, any government hoping to win an election would most likely have to win over Bitcoin enthusiasts.
In 2024, the cryptocurrency market in the States is anticipated to generate US$9.8 billion in revenue. Demand and market prices have increased as a result of a surge in institutional investors entering the cryptocurrency market in the US.