Coinbase Is Optimistic About Pro-Crypto Legislation Going Into a New Congress

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.

Coinbase, a major cryptocurrency exchange in the United States, expressed optimism about the upcoming pro-crypto legislation in the new Congress. In its shareholder letter for Q3 2024, released on Oct. 30, the company stated that it is prepared to work with either administration, whether Democratic or Republican, following the upcoming presidential election.

Coinbase plans to contribute to advancing 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, the company noted.

The shareholder letter aligns with comments made by Coinbase CEO Brian Armstrong during the company's Q2 earnings call. At the time, Armstrong stated that the exchange was "increasingly optimistic that the next administration, whether Democrat or Republican, will be constructive on crypto."

Coinbase's support for pro-crypto candidates in 2024

Prior to the Q3 earnings call, Armstrong announced on X that Coinbase would be making an additional $25 million contribution to Fairshake, following donations of $25 million in May and over $20 million in 2023. The CEO also personally contributed $1 million to the PAC.

According to Armstrong, the funds will be used by Fairshake to "help get pro-crypto candidates elected in the 2026 midterms." It remains to be seen whether Republicans will maintain control of the House of Representatives or Democrats will retain the Senate following the 2024 election.

Fairshake and several other crypto-funded PACs have focused on media buys to support candidates running for seats in the House and Senate, rather than Vice President Harris or Trump. Records from the Federal Election Commission indicate that Armstrong personally donated to support candidates including Texas Senator Ted Cruz, Ohio Senate candidate Bernie Moreno and Trump's running mate J.D. Vance, among others.