Coinbase fuels 2026 midterms with $25M for a pro-crypto Congress

Coinbase, the US’s biggest crypto exchange by trading volume, is doubling down on its political clout. It has decided to add $25 million to Fairshake, a crypto-focused PAC already influencing US elections. The exchange is moving ahead to support pro-crypto candidates and policies through the 2026 midterms.

Fairshake has already spent $140 million on 2024’s congressional races with backing from Coinbase, Ripple, and Andreessen Horowitz. However, the much called pro-crypto Presidential candidate Donald Trump is leading the odds to win the elections with 62%.

$25M for pro-crypto candidates

Brian Armstrong, CEO of Coinbase, in an X post, mentioned the US election results will land in 6 days and no matter how it goes, this will be the most pro-crypto congress ever. He added that they are not slowing down post-elections and have committed another $25 million to support Fairshake PAC.

This huge amount will be used in the 2026 midterms to elect pro-crypto candidates. He gave a shoutout to Stand with Crypto for their goal to reach 4 million advocates by the midterm elections.

Coinbase CEO highlighted that the crypto voter is already a force to be reckoned with and it will continue to grow ahead. The exchange has taken up the initiative to protect the customer’s rights and get some sensible legislation passed for the industry.

The stakes are running high in the ongoing elections as Republican Trump is now pro-crypto, while Democratic VP Kamala Harris is pushing for a clear regulatory framework. Both sides have recognized crypto’s growing influence in the region.

With SEC’s 2022 crackdown fresh in memory, Coinbase is arguing that clearer rules are essential. But critics claim the industry’s rapid growth could mean it’s overreaching into the political sphere.

Coinbase reports weaker earnings

The leading US crypto exchange reported weaker-than-expected earnings amid a sluggish crypto market. Its Earnings per share came in at 28 cents in front of the anticipated 41 cents. However, its revenue hit $1.21 billion which is slightly below the $1.26 billion expected.

Despite a net income of $75.5M (up from a loss last year), Coinbase faced $121 million in pretax losses on its crypto portfolio. This was largely unrealized due to falling crypto prices. Its retail trading revenue surged 98% YoY to $483.3 million, while institutional revenue skyrocketed 292% to $55.3 million. The total transaction revenue reached $572.5 million, marking a 98% year-over-year increase.

The digital assets market printed green indexes over the last week as Bitcoin tried to smash the fresh all time high. BTC price went on to hit the $73,500 level on October 30, signaling that a new ATH is on the way. Bitcoin is trading at an average price of $72,273, at press time.