Coinbase Disburses IDR 405 Billion Funds To Support Crypto Movement In US Elections

JAKARTA - Coinbase, the crypto asset exchange giant, has taken significant steps by donating large funds to support the pro-crypto movement in the United States' political arena. A donation of US$25 million (approximately Rp405.6 billion) to Super PAC Fairshake marks their commitment to the brighter and more regular future of the crypto industry.

Quoted from The Block, Coinbase stated, "We, together with our colleagues in this industry, have contributed to SuperPAC Fairshake funding. The goal is to support pro-crypto candidates and protect our consumer rights."

Coinbase is ambitious to create clarity in crypto regulation. Through a blog post released on Monday, the company emphasizes the importance of a bipartisan approach in US politics that is often slow and divided. Coinbase believes that the best strategy is to support pro-crypto candidates from both sides of politics and get rid of those who oppose crypto from power positions.

The company also emphasized that their support does not side with one particular party, arguing that crypto ownership is spread quite evenly between various levels of society and political affiliation.

In addition, Coinbase is also committed to supporting Standwithcrypto.org, a grassroots organization that has managed to collect nearly a million signatures. The organization has identified the main race and candidate that supports pro-crypto legislation.

As a Super PAC, Fairshake cannot make direct donations to political candidates, but they have the ability to run an advertising campaign that supports their interests. An example is Fairshake's advertising campaign against Katie Porter, a Senate candidate from California.

This contribution comes shortly after Ripple and a16z, a crypto venture company, each donated USD 25 million (approximately IDR 405.6 billion) to the same PAC, which significantly increased the organization's funding. Based on data from Open Secrets, Fairshake has now raised around USD 160 million (approximately IDR 2.59 trillion), making it one of the largest-funded Super PACs in the country.