Paul Grewal, Chief Legal Officer of Coinbase, talks about “The Emergence of Cryptocurrency Voters'' on “The Claman Countdown.''
Coinbase, the world's largest cryptocurrency exchange, is already looking ahead to next week's presidential election and planning to influence the 2026 midterm elections with a new $25 million pledge to crypto super PAC Fairshake. This was learned from information from FOX Business.
The company says it plans to make a donation in 2025 as part of its continued efforts to keep cryptocurrencies an important part of the political debate. Although it is unclear how exactly this money will be used, FairShake and its affiliated super PAC will use crypto industry funds to run advertising campaigns across digital and broadcast platforms during this election cycle. He supported pro-industry candidates and attacked candidates who opposed them.
“We have reached bipartisan agreement on the need to get rid of politics and support job-creating innovation, and support both parties' support for cryptocurrencies and blockchain technology,” FairShake spokesperson Josh Vlast told FOX Business. “I've seen a big change in understanding and approach.”
“We look forward to continuing to build a long-term sustainable crypto coalition that passes responsible regulations that protect consumers and ensure America continues to lead the way in innovation, growth, and jobs.” I am.”
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Coinbase says it plans to make a donation in 2025 as part of its continued efforts to keep cryptocurrencies an important part of the political conversation. (license/image)
Coinbase's latest donation brings the company's total political spending to $75 million, coming just one week away from the climax of the 2024 election cycle. The exchange is one of the largest corporate spenders, contributing more than $50 million to various super PACs supporting congressional candidates. They favor the $2 trillion digital asset industry. Coinbase's donation represents 30% of the more than $170 million donated this year by U.S. crypto giants such as blockchain payments company Ripple and venture capitalist firm Andreessen Horowitz.
“We are playing the long game and are putting our capital to good use and making down payments for the 26-year cycle,” Fariyah Shirzad, Coinbase’s chief policy officer, told FOX Business. Ta.
In addition to the donation, Coinbase has pledged to help its advocacy group Stand with Crypto (SWC) double its membership from 1.8 million to 4 million between now and the midterm elections. said.
Over the past year, SWC has helped educate and mobilize pro-crypto voters through lobbying efforts in battleground states Arizona, Pennsylvania, Nevada, Michigan, and Wisconsin. More than 400,000 people have participated in SWC's voter registration tool, and the organization has helped more than 100,000 people register to vote in battleground states, according to the group's website.
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“Even without knowing the election results, it feels like crypto has already won,” Shirzad said. “The number of candidates who are talking about crypto right now and who are pro-crypto is extraordinary, and this process gives us the ability to interact with candidates from the president down to lower-level public offices. .”
One in five Americans now owns some form of digital assets, and Tuesday, when voters head to the ballot box to choose the candidate they think best represents their economic interests, so-called virtual Monetary voter blocs can have a meaningful impact. A recent Harris poll conducted in partnership with crypto asset management company Grayscale found that approximately 56% of all voters are more likely to vote for a candidate who is “knowledgeable about crypto assets” than one who is not. It was revealed that the sex is high.
Sensing the potential power of crypto voters, Republican presidential candidate and former president Trump is courting the industry with promises to ease regulations and make the United States the “crypto capital of the world.”
Former President Trump speaks at the Bitcoin 2024 conference in Nashville on July 27, 2024. (Brett Carlsen/Bloomberg via Getty Images/Getty Images)
Vice President Kamala Harris, who became the Democratic nominee in July, has not been very vocal about her position on cryptocurrencies, but she supports implementing rules of the road to allow the crypto industry to continue to grow. He has made several statements suggesting this. us
Vice President Kamala Harris speaks at the American Federation of Teachers' 88th National Convention in Houston on July 25, 2024. (Montinique Monroe/Getty Images/Getty Images)
Some critics, like Sen. Elizabeth Warren, D-Mass., have accused the industry of using its coffers to sway elections to gain advantage in Washington. says the industry is helping to give the crypto community a voice.
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“The fact that 400,000 people registered as crypto advocates in the two weeks leading up to the FIT21 crypto bill vote in Congress in June gives you a sense of how real the passion of the community is.” said. “Certainly there are industries that are involved in all of this, but the stronger part of this problem is the grassroots. And I think anyone who thinks they can ignore that percentage of the population is kidding themselves.” ”
