Coinbase Global Inc. (NASDAQ:COIN) and CEO Brian Armstrong are helping build a major pro-crypto political war chest ahead of what the exchange calls the industry's "most consequential" U.S. election.

Political War Chest

Armstrong personally donated $1 million to Fairshake, a super PAC backing crypto-friendly candidates, while Coinbase contributed another $24.5 million, according to the report.

Fairshake has raised $85 million so far, with Armstrong and Coinbase accounting for roughly one-third of the total, Bloomberg reported on Tuesday.

The PAC supports pro-crypto candidates from both parties and aims to push for clearer U.S. digital asset rules.

Other major donors include Andreessen Horowitz and Ripple with $20 million each, and Electric Capital with $500,000.

Coinbase remains locked in a legal fight with the Securities and Exchange Commission, which accused the company of operating an unregistered exchange, broker-dealer and clearinghouse.

Armstrong's Strong Influence

Armstrong's influence has grown after several major crypto rivals collapsed or faced legal trouble, including FTX and Binance.

Coinbase shares rebounded sharply last year, lifting Armstrong's estimated fortune to $5.8 billion, according to the report.

The political push shows crypto's Washington influence remains strong even after the FTX collapse damaged the industry's reputation.

Fairshake said the crypto community wants leaders who support "American innovation and job creation" while pushing for rules that protect consumers and remove bad actors.

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