Coinbase

Coinbase Global has transformed from a cryptocurrency exchange into one of the most aggressive political spenders in American corporate history. The publicly traded company invested $25 million into the Fairshake PAC in 2024, making it the anchor funder of a $193 million crypto industry political machine that achieved a 91% win rate in the races it contested. Simultaneously, Coinbase holds government contracts for crypto analytics at the IRS, ICE, and Secret Service — meaning American taxpayers pay Coinbase to track cryptocurrency while the company lobbies against cryptocurrency regulation. This contradiction is the defining feature of Coinbase's political strategy. The company provides blockchain analytics tools that the IRS uses to identify tax evaders, that ICE uses in immigration enforcement, and that the Secret Service uses to trace financial crimes. These contracts, totaling approximately $50 million, give Coinbase revenue from and relationships with the very agencies that regulate it. The company is simultaneously the regulated entity and the government's technology vendor — a conflict of interest that would be disqualifying in most industries. Coinbase's Stand With Crypto advocacy arm claims 1.5 million members, though critics question whether this is genuine grassroots support or corporate-funded astroturf. The organization rates every member of Congress on a "crypto scorecard," creating an industry-driven endorsement system that effectively tells the crypto community's 50+ million American holders who to vote for. Members who receive an "A" rating can expect Fairshake funding; those who receive an "F" can expect Fairshake to fund their opponents. CEO Brian Armstrong has positioned Coinbase as the crypto industry's political champion, spending heavily on elections while fighting a major SEC lawsuit that alleges Coinbase operates as an unregistered securities exchange. The FIT21 bill — the crypto industry's landmark legislative priority — was written with significant industry input and would, if passed, effectively resolve many of the legal issues in Coinbase's SEC case. This is the clearest example of a company spending on elections to pass legislation that fixes its own legal problems. The company spent $3.8 million on direct lobbying in 2024, hired former SEC and CFTC staff for its compliance team, and operates one of the fastest-growing government affairs operations in Washington. Coinbase's $15 million career lobbying spend is modest compared to tech giants, but its election spending through Fairshake dwarfs that of companies ten times its size. The strategy is clear: rather than lobbying regulators, buy the legislators who oversee them.