Cryptocurrency PAC Backed By Coinbase CEO Attempts To Help Crypto-Friendly Candidates Win In 2024 Election
Portfolio Pulse from Chris Katje
A cryptocurrency PAC named Fairshake, supported by Coinbase Global CEO Brian Armstrong, is spending on ads to back crypto-friendly candidates for the 2024 election. Armstrong pledged $1 million to the PAC, which aims to raise $50 million. The PAC has supported 13 candidates from both parties, focusing on those serving on committees that advance crypto legislation. The 2024 election could see record ad spending, with cryptocurrency potentially being a significant voter issue.
November 21, 2023 | 9:24 pm
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Coinbase Global CEO Brian Armstrong's support for the Fairshake PAC, with a $1 million donation, aligns the company with political efforts to boost crypto-friendly legislation.
The involvement of Coinbase's CEO in political action supporting cryptocurrency may positively influence investor sentiment, potentially leading to a short-term uptick in COIN's stock price as the market reacts to the company's proactive stance on shaping crypto-friendly policies.
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