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.
The first week of July brings several important developments in the United States that could influence both traditional markets and the cryptocurrency sector.
Ric Edelman, one of the most influential voices in personal finance, has radically revised his stance on crypto allocation. After years of cautious optimism, he now believes that digital assets deserve a far larger share in investment portfolios than ever before.
In the case involving Terraform Labs and its co-founder Do Hyeong Kwon, the defense has asked the Federal Court for the Southern District of New York to extend the deadline for pretrial filings by two weeks, pushing it beyond the original date of July 1, 2025.
Coinbase has emerged as the best-performing stock in the S&P 500 for June, climbing 43% amid a surge of bullish momentum driven by regulatory clarity, product innovation, and deeper institutional interest in crypto.