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. 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 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.