[Molly White]

"With $45.5 million in corporate contributions, American cryptocurrency exchange Coinbase is the largest donor to Fairshake: a newly-minted super PAC focused solely on installing political candidates who will be friendly to the cryptocurrency industry, and ousting those with a history of pushing for stronger regulations and consumer protections when it comes to an industry that has long been a regulatory “Wild West”."

"[Coinbase's] $25 million contribution, however, appears to be in violation of federal campaign finance laws that prohibit contributions from current or prospective federal government contractors. This would be by far the largest known illegal campaign contribution by a federal contractor."

Molly points out that there's a possibility here that Coinbase is using a loophole that had previously been exploited by Chevron. But it's certainly not clear that this is the case.

It's also worth calling out what "candidates who will be friendly to the cryptocurrency industry" means in practice this election cycle. It's far more likely that Trump-aligned candidates will fall into this camp.

#Democracy

[Link]