Yahoo Finance Coinbase Just Gave Another $25 Million Adding To Their Large Stockpiles Of Campaign Cash In U.S. Elections This Year
Campaign finances play a major role in determining the outcome of every election. Often, candidates with the largest war chests of money can get their message across to the most voters and give themselves a better chance of winning elections. With this in mind, examining where election money flows and from whom is important. Specifically, with crypto seemingly taking a larger role in the upcoming elections in November, it is interesting to see where crypto enthusiasts are placing their money.
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Coinbase has been one of the largest crypto donors for the upcoming elections. Along with Ripple and Andreessen Horowitz (a16z), the firm recently added $25 million to the Fairshake political action committee (PAC). In total, the PAC has accumulated over $160 million in funds.
The funds are specifically dedicated to finding candidates with pro-crypto stances or candidates who could potentially become pro-crypto in the future. The money is specifically used to buy ads for or against certain candidates and provide other financial support, although the firms aren't allowed to have any direct connections with the campaigns.
"When it comes to our mission of increasing economic freedom by growing the adoption of cryptocurrencies, we are deeply engaged in policy efforts. The House and Senate help determine what crypto legislation gets passed, amongst other things, so growing the number of pro-crypto members is critical," Coinbase said in a statement.
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The three companies have donated most of their money to nonpartisan groups, with the remainder evenly split between Democrats and Republicans. Additionally, the firms have donated more than some of the largest financial firms in the world, such as Blackstone, Apollo, and Jane Street.
The amount donated is also larger than some major corporate political interests. The three companies have donated more than the entirety of the oil and gas industry and the health care and airline industries combined. Considering how these industries have had in past elections, there is certainly an argument that crypto donations could play a major role in attracting or dissuading voters.
Some surveys show that as much as 20% of voters in some swing states see crypto as a key issue in the November election. So, with the elections coming up, it will be interesting to see how the PAC uses its massive amounts of money to influence voters. With crypto seemingly becoming a pressing issue for some, ads and funding could play a role in determining the outcomes for some races.
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This article Coinbase Just Gave Another $25 Million Adding To Their Large Stockpiles Of Campaign Cash In U.S. Elections This Year originally appeared on Benzinga.com
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