Coinbase says crypto industry has raised $78 million to support political candidates in 2024

Coinbase said Monday that it was part of a group of crypto heavyweights also including Kraken, Ripple and Andreessen Horowitz that has raised and donated $78 million to support "pro-innovation" political candidates in 2024. 

"The future of cryptocurrency in the U.S. hinges on the election of candidates and the enactment of policies that support responsible, fair rules for crypto – especially as a check on appointed regulators who have taken a regulation by enforcement approach," Coinbase wrote in a blog post about the donations made thorough a crypto-centric political action committee called Fairshake.

According to its website, Fairshake "supports candidates solely through its independent activities" and is registered with the Federal Election Commission. The super PAC has spent most of the previous money it's raised supporting House Financial Services Committee Chair Patrick McHenry, R-N.C., who just announced his retirement in 2025. The PAC has also dolled out money to Rep. Ritchie Torres, D-N.Y. and Rep. Tom Emmer, R-Minn., according to ProPublica. 

Crypto lobbying

Crypto lobbying has ballooned over the past few years, and federal lobbying spending from the crypto industry was more than double in 2022 than the year before, according to Open Secrets. Top spenders included Coinbase and Binance last year, and the top beneficiaries were Chair McHenry and Sen. Kirsten Gillibrand, D-N.Y., who sits on the Senate Banking Committee. 

Efforts have ramped up after a tumultuous year for the industry that saw the criminal trial of former FTX CEO Sam Bankman-Fried and the downfall of former Binance CEO Changpeng Zhao. 

Crypto legislation will face major headwinds in 2024 as lawmakers try to push forward bills that would regulate stablecoins on the federal level and take a comprehensive approach to regulating the sector. Both bills passed out of the House Financial Services committee in July, but would need to be brought to the Senate Banking Committee, which could prove to be a challenge next year. 

Coinbase itself has also turned its attention to Ohio. The crypto exchange has hosted events in Columbus, launched ads in the state and is "making a play for Ohio voters," according to The Columbus Dispatch. Sen. Sherrod Brown, D-Ohio, is up for reelection next year and has been wary of crypto, calling for a crackdown in October on the alledged use of crypto to fund terrorism.