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Coinbase appears to have violated campaign finance laws with 25M donation

Actively involved in contract negotiations with a federal government agency, Coinbase was likely prohibited from making its $25 million contribution to the Fairshake crypto super PAC in May 2024.

Marshals Service, an agency of the U.S. Department of Justice, published a contract opportunity for a provider to help them with “managing and disposing of large quantities of popular cryptocurrency assets”. With a request for proposals issued on March 4, 2024 and a contract that will end no sooner than June 30, 2025, the $25 million contribution on May 30, 2024 by Coinbase to the Fairshake super PAC is well within the prohibited time period. Earlier overtures to politicians and regulators largely came from the cryptocurrency exchange FTX, whose CEO Sam Bankman-Fried had aimed to be “the adult in the room” representing the industry in policy discussions on Capitol Hill.

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