Coinbase CEO Brian Armstrong announced that they will not back down from their commitment to support cryptocurrency-friendly policies after the US elections. Armstrong stated that they will continue their work to make US laws suitable for crypto after the November elections.
$25 Million Additional Support to Fairshake PAC
Coinbase has pledged a new $25 million donation to Fairshake PAC to support crypto-friendly candidates. This support, which will be held until the 2026 midterm elections, aims to increase crypto advocacy in Congress and make regulations in the US pro-crypto.
Increase in Political Expenditures
This move increased Coinbase’s total political expenditures to $75 million. Armstrong also stated that they support the affiliated advocacy group Stand with Crypto (SWC) and that they aim for this group to reach 4 million members by 2026.
Fairshake Spokesperson Josh Vlasto stated that the crypto industry will lead consumer protection regulations by creating a sustainable coalition. He added that they are also working to ensure that the United States remains a leader in technology and employment.
New Partnership with Visa
Thanks to its latest collaboration with Visa, Coinbase has started to offer its users the opportunity to instantly load money to their debit cards. This new service allows users to trade 24/7.
In its latest quarterly report, Coinbase reported revenue below expectations. The decrease in transaction volumes led to a 27% decrease in transaction fees. However, it has managed to diversify its revenue stream with growth in staking, USDC transactions and custody services.
1 in 5 people in the US own digital assets. In this case, Coinbase CEO Armstrong plans to more strongly engage crypto voters in US politics.
Impact on Future Regulations
These decisive steps by Coinbase aim to move the crypto community to a more politically effective position. The investments and partnerships aim to increase the influence of the crypto sector in US politics.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
