Coinbase Boosts Super PAC Donations in US Senate Races

1. Coinbase, Ripple, and a16z donate $68.5M to support American crypto-friendly leaders in 2024.
2. Marc Andreessen, Ben Horowitz, and the Winklevoss twins lead contributions. Super PACs collectively raise $84.8M in 2023.
3. Coinbase remains accessible in Nigeria amid government requests to block platforms.

Crypto companies and executives, including Coinbase, Ripple Labs, and Andreessen Horowitz, have collectively contributed $68.5 million.

The companies gave it to three crypto-focused super PACs—Fairshake, Protect Progress, and Defend American Jobs.

These PACs, aiming to support leaders endorsing American crypto and blockchain innovation in the 2024 elections, collectively raised $84.8 million in 2023.

Top Contributors

Leading the individual contributions are a16z co-founders Marc Andreessen and Ben Horowitz, with donations of $8.5 million and $10.5 million, respectively.

Gemini founders Tyler and Cameron Winklevoss donated a combined total of $5 million to Fairshake by January 2024.

While the PACs have covered operating expenses and fees, Fairshake has initiated advertising campaigns, allocating funds to support candidates in California’s Senate primary.

Senate Races and Crypto Advocacy

The crypto world’s attention shifts to Senate races, with the “XRP army” figure, John Deaton, announcing a run against Senator Elizabeth Warren.

While Warren emphasizes crypto regulations, Deaton’s supporters inquire about donating digital assets to his campaign.

Coinbase Accessibility in Nigeria

Contrarily, Coinbase remains accessible in Nigeria amid renewed calls for a crypto ban in the country. The Nigerian government ordered local telecom companies to block platforms like Binance, Coinbase, and Kraken.

While investigating these claims, Coinbase confirms its continued accessibility in Nigeria.

Reports suggest the Nigerian government’s request to block crypto platforms stems from concerns about the struggling national currency. The Nigerian naira, and its record lows against the U.S. dollar.

So critics argue that platforms like Binance are impacting exchange rates, calling for a ban on other firms, including Kucoin and Bybit, from operating in Nigeria’s cyberspace.

Regulatory Landscape and Market Response

With Senator Elizabeth Warren emphasizing crypto regulations in the U.S. and crypto-related political donations increasing, the regulatory landscape becomes crucial for the industry’s future.

Accordingly, Market participants closely watch developments, with the super PAC contributions reflecting a proactive approach by crypto entities.