Coinbase Voices Optimism for Pro-Crypto Legislation Ahead of New Congress

Coinbase has expressed optimism about pro-crypto legislation as a new Congress approaches, aligning itself with the political action committee Fairshake and the Stand With Crypto initiative.

In its Q3 2024 shareholder letter released on October 30, the company emphasized its willingness to work with either the Democratic or Republican administration following the presidential election.

Coinbase aims to promote regulatory clarity for the cryptocurrency sector when Congress reconvenes in January 2025. The firm noted a shift in political attitudes toward crypto, highlighting the bipartisan passage of recent pro-crypto legislation.

This optimism is echoed by CEO Brian Armstrong, who believes the next administration will adopt a supportive stance toward cryptocurrency.

Ahead of the earnings call, Armstrong announced an additional $25 million contribution to Fairshake, on top of earlier donations totaling over $20 million in 2023. The PAC plans to use these funds for the 2026 midterm elections to support pro-crypto candidates.

As the political landscape evolves, Fairshake and other crypto-backed PACs focus on media efforts to support candidates for congressional seats rather than the presidential race. Armstrong has also personally contributed to candidates like Texas Senator Ted Cruz and Ohio Senate candidate Bernie Moreno.