Molly White
Molly White  ·  2 weeks ago
See my reporting on their previous violation, which is being reviewed by the FEC: https://www.citationneeded.news/coinbase-campaign-finance-violation/

#Coinbase #crypto #cryptocurrency#USpolitics#USpol

Molly White
Molly White  ·  2 weeks ago
As an active federal contractor, Coinbase is prohibited from making political contributions, including to super PACs. This makes $50 million that they have contributed in violation of pay-to-play laws for contractors.

#Coinbase #crypto #cryptocurrency#USpolitics#USpol

Tweet by Brian Armstrong @brian_armstrong We get the U.S. election results in 6 days, and no matter how you slice it, it will be the most pro-crypto congress ever. But we're not slowing down post-election. Today I'm announcing that @coinbase has committed another $25M to support Fairshake PAC, which they will use leading up to the 2026 midterms to elect pro-crypto candidates. We're also supporting @standwithcrypto in their stretch goal to reach 4m advocates by the 2026 midterms. The crypto voter is already a force to be reckoned with, but it will continue to grow. We're going to keep showing up to protect our customer's rights and help get sensible legislation passed in major markets around the world.
Tweet by Brian Armstrong @brian_armstrong We get the U.S. election results in 6 days, and no matter how you slice it, it will be the most pro-crypto congress ever. But we're not slowing down post-election. Today I'm announcing that @coinbase has committed another $25M to support Fairshake PAC, which they will use leading up to the 2026 midterms to elect pro-crypto candidates. We're also supporting @standwithcrypto in their stretch goal to reach 4m advocates by the 2026 midterms. The crypto voter is already a force to be reckoned with, but it will continue to grow. We're going to keep showing up to protect our customer's rights and help get sensible legislation passed in major markets around the world.
Tweet by Brian Armstrong @brian_armstrong We get the U.S. election results in 6 days, and no matter how you slice it, it will be the most pro-crypto congress ever. But we're not slowing down post-election. Today I'm announcing that @coinbase has committed another $25M to support Fairshake PAC, which they will use leading up to the 2026 midterms to elect pro-crypto candidates. We're also supporting @standwithcrypto in their stretch goal to reach 4m advocates by the 2026 midterms. The crypto voter is already a force to be reckoned with, but it will continue to grow. We're going to keep showing up to protect our customer's rights and help get sensible legislation passed in major markets around the world.
Molly White
Molly White  ·  3 weeks ago
Earlier this month, Ben Horowitz pledged to make a "significant" donation to Harris. He's since contributed $2.5 million to BlackPAC, a left-leaning PAC focused on Black voter turnout. They support Harris, but not exclusively.

Recent expenditures by BlackPAC include support for Sherrod Brown, a candidate that crypto super PAC Fairshake has spent $40 million to oppose.

Horowitz has contributed $22 million to Fairshake.

#crypto #cryptocurrency#USpolitics#USpol

Molly White
Molly White  ·  3 months ago
Coinbase Chief Legal Officer Paul Grewal has responded to the news of the FEC complaint by suggesting I have some shadowy backers funding me.

He’s also complained that we accused Coinbase of having partisan bias in who they support, something we did not allege or imply. We single out the donation to the Congressional Leadership Fund and not its Democratic equivalent because only the former happened within the prohibited period.

#crypto #cryptocurrency#Coinbase#Fairshake#USpol#USpolitics

Tweet thread by Paul Grewal (@iampaulgrewal): Seized crypto assets are not Congressionally appropriated funds, period. There is nothing new in the FEC complaint filed by a self-described crypto critic and Public Citizen’s research director, but it is notable that there is no minimum bar to file such a complaint, and this one – filed by individuals with no election law expertise and funded by who exactly? – appears to amount to a press release by another name. 1/4 @coinbase is proud of its hand-in-glove work with federal law enforcement. We remain committed to playing a trusted role for the U.S. Marshals Service’s cryptocurrency services requirement, which is funded by the sale of assets forfeited to the DOJ’s Assets Forfeiture Fund – not congressionally appropriated tax dollars. 2/4 It’s also worth noting that Coinbase has donated to Dem and GOP super PACs equally with $500K to House and Senate funds for each party, respectively, for 2024. White and Public Citizen appear to want to report a political bias which does not exist. 3/4 Very simply, the world view these researchers espouse in this document is not the law, as much as they wish it was. 4/4
Tweet thread by Paul Grewal (@iampaulgrewal): Seized crypto assets are not Congressionally appropriated funds, period. There is nothing new in the FEC complaint filed by a self-described crypto critic and Public Citizen’s research director, but it is notable that there is no minimum bar to file such a complaint, and this one – filed by individuals with no election law expertise and funded by who exactly? – appears to amount to a press release by another name. 1/4 @coinbase is proud of its hand-in-glove work with federal law enforcement. We remain committed to playing a trusted role for the U.S. Marshals Service’s cryptocurrency services requirement, which is funded by the sale of assets forfeited to the DOJ’s Assets Forfeiture Fund – not congressionally appropriated tax dollars. 2/4 It’s also worth noting that Coinbase has donated to Dem and GOP super PACs equally with $500K to House and Senate funds for each party, respectively, for 2024. White and Public Citizen appear to want to report a political bias which does not exist. 3/4 Very simply, the world view these researchers espouse in this document is not the law, as much as they wish it was. 4/4
Tweet thread by Paul Grewal (@iampaulgrewal): Seized crypto assets are not Congressionally appropriated funds, period. There is nothing new in the FEC complaint filed by a self-described crypto critic and Public Citizen’s research director, but it is notable that there is no minimum bar to file such a complaint, and this one – filed by individuals with no election law expertise and funded by who exactly? – appears to amount to a press release by another name. 1/4 @coinbase is proud of its hand-in-glove work with federal law enforcement. We remain committed to playing a trusted role for the U.S. Marshals Service’s cryptocurrency services requirement, which is funded by the sale of assets forfeited to the DOJ’s Assets Forfeiture Fund – not congressionally appropriated tax dollars. 2/4 It’s also worth noting that Coinbase has donated to Dem and GOP super PACs equally with $500K to House and Senate funds for each party, respectively, for 2024. White and Public Citizen appear to want to report a political bias which does not exist. 3/4 Very simply, the world view these researchers espouse in this document is not the law, as much as they wish it was. 4/4
Molly White
Molly White  ·  3 months ago
Coinbase’s Chief Legal Officer called my research “misinformation”, claiming that Coinbase is not a federal contractor despite its multi-million dollar federal contract.

I look forward to the FEC enforcing its longstanding prohibitions against “pay-to-play”.

#crypto #cryptocurrency#Coinbase#Fairshake#USpol#USpolitics

Tweet by paulgrewal.eth (@iampaulgrewal) Aug 1, 2024 6:17 PM 1/3 Whether intentional or not, this is misinformation. Coinbase is not a federal contractor under the plain language of 11 CFR 115.1. USMS isn’t paying us with appropriated funds—something it made clear in the public RFP. Quoted tweet by Molly White (@molly0xFFF) July 30, 2024 5:15PM SCOOP: Coinbase appears to have violated campaign finance laws with a $25 million donation to the Fairshake cryptocurrency super PAC, made while they were in active negotiations for a federal government contract. https://citationneeded.news/coinbase-campaign-finance-violation/ Tweet by paulgrewal.eth (@iampaulgrewal) Aug 1 2/3 Image: Screenshot of the Code of Federal Regulations § 115.1 Definitions. (a) A Federal contractor means a person, as defined in 11 CFR 100.10 who— (1) Enters into any contract with the United States or any department or agency thereof either for— (i) The rendition of personal services; or (ii) Furnishing any material, supplies, or equipment; or (iii) Selling any land or buildings; (2) If the payment for the performance of the contract or payment for the material, supplies, equipment, land, or building is to be made in whole or in part from funds appropriated by the Congress. Tweet by paulgrewal.eth (@iampaulgrewal) Aug 1 3/3 Screenshot of a portion of the USMS Contract RFP: All funds associated with this RFP will be paid out of the Assets Forfeiture Fund. The Fund receives proceeds from the sale of property
Tweet by paulgrewal.eth (@iampaulgrewal) Aug 1, 2024 6:17 PM 1/3 Whether intentional or not, this is misinformation. Coinbase is not a federal contractor under the plain language of 11 CFR 115.1. USMS isn’t paying us with appropriated funds—something it made clear in the public RFP. Quoted tweet by Molly White (@molly0xFFF) July 30, 2024 5:15PM SCOOP: Coinbase appears to have violated campaign finance laws with a $25 million donation to the Fairshake cryptocurrency super PAC, made while they were in active negotiations for a federal government contract. https://citationneeded.news/coinbase-campaign-finance-violation/ Tweet by paulgrewal.eth (@iampaulgrewal) Aug 1 2/3 Image: Screenshot of the Code of Federal Regulations § 115.1 Definitions. (a) A Federal contractor means a person, as defined in 11 CFR 100.10 who— (1) Enters into any contract with the United States or any department or agency thereof either for— (i) The rendition of personal services; or (ii) Furnishing any material, supplies, or equipment; or (iii) Selling any land or buildings; (2) If the payment for the performance of the contract or payment for the material, supplies, equipment, land, or building is to be made in whole or in part from funds appropriated by the Congress. Tweet by paulgrewal.eth (@iampaulgrewal) Aug 1 3/3 Screenshot of a portion of the USMS Contract RFP: All funds associated with this RFP will be paid out of the Assets Forfeiture Fund. The Fund receives proceeds from the sale of property
Tweet by paulgrewal.eth (@iampaulgrewal) Aug 1, 2024 6:17 PM 1/3 Whether intentional or not, this is misinformation. Coinbase is not a federal contractor under the plain language of 11 CFR 115.1. USMS isn’t paying us with appropriated funds—something it made clear in the public RFP. Quoted tweet by Molly White (@molly0xFFF) July 30, 2024 5:15PM SCOOP: Coinbase appears to have violated campaign finance laws with a $25 million donation to the Fairshake cryptocurrency super PAC, made while they were in active negotiations for a federal government contract. https://citationneeded.news/coinbase-campaign-finance-violation/ Tweet by paulgrewal.eth (@iampaulgrewal) Aug 1 2/3 Image: Screenshot of the Code of Federal Regulations § 115.1 Definitions. (a) A Federal contractor means a person, as defined in 11 CFR 100.10 who— (1) Enters into any contract with the United States or any department or agency thereof either for— (i) The rendition of personal services; or (ii) Furnishing any material, supplies, or equipment; or (iii) Selling any land or buildings; (2) If the payment for the performance of the contract or payment for the material, supplies, equipment, land, or building is to be made in whole or in part from funds appropriated by the Congress. Tweet by paulgrewal.eth (@iampaulgrewal) Aug 1 3/3 Screenshot of a portion of the USMS Contract RFP: All funds associated with this RFP will be paid out of the Assets Forfeiture Fund. The Fund receives proceeds from the sale of property
AWARD PROFILE Contract Summary https://www.usaspending.gov/award/CONT_AWD_15M50024FA4400016_1544_15M50024DA4400010_1544 Share Download Delivery Order (DO) PIID 15M50024FA4400016 In Progress (10 months remain) Unlinked Award Awarding Agency Department of Justice (DOJ) Recipient COINBASE INC 550 WEST 34TH STREET 4TH FLOOR NEW YORK, NY 10001-1304 UNITED STATES Congressional District: NY-12 Related Awards Parent Award Unique Key CONT_IDV_15M50024DA4400010_1544 Dates Today Start Date Jul 01, 2024 Current End Date Jun 30, 2025 Potential End Date Jun 30, 2029 $ Award Amounts $7.0 Million Current Award Amount $7.0 Million Obligated Amount $7.0 Million Potential Award Amount Outlayed Amount $0.00 Obligated Amount $6,978,346.66 Current Award Amount $6,978,346.66 Potential Award Amount $6,978,346.66 View Transaction History Description AFD: CRYPTOCURRENCY MANAGED SERVICES - CLASS 1 BASE YEAR POP JULY 1, 2024 TO JUNE 30, 32025 North American Industry Classification System (NAICS)Code 52 : Fin
AWARD PROFILE Contract Summary https://www.usaspending.gov/award/CONT_AWD_15M50024FA4400016_1544_15M50024DA4400010_1544 Share Download Delivery Order (DO) PIID 15M50024FA4400016 In Progress (10 months remain) Unlinked Award Awarding Agency Department of Justice (DOJ) Recipient COINBASE INC 550 WEST 34TH STREET 4TH FLOOR NEW YORK, NY 10001-1304 UNITED STATES Congressional District: NY-12 Related Awards Parent Award Unique Key CONT_IDV_15M50024DA4400010_1544 Dates Today Start Date Jul 01, 2024 Current End Date Jun 30, 2025 Potential End Date Jun 30, 2029 $ Award Amounts $7.0 Million Current Award Amount $7.0 Million Obligated Amount $7.0 Million Potential Award Amount Outlayed Amount $0.00 Obligated Amount $6,978,346.66 Current Award Amount $6,978,346.66 Potential Award Amount $6,978,346.66 View Transaction History Description AFD: CRYPTOCURRENCY MANAGED SERVICES - CLASS 1 BASE YEAR POP JULY 1, 2024 TO JUNE 30, 32025 North American Industry Classification System (NAICS)Code 52 : Fin
AWARD PROFILE Contract Summary https://www.usaspending.gov/award/CONT_AWD_15M50024FA4400016_1544_15M50024DA4400010_1544 Share Download Delivery Order (DO) PIID 15M50024FA4400016 In Progress (10 months remain) Unlinked Award Awarding Agency Department of Justice (DOJ) Recipient COINBASE INC 550 WEST 34TH STREET 4TH FLOOR NEW YORK, NY 10001-1304 UNITED STATES Congressional District: NY-12 Related Awards Parent Award Unique Key CONT_IDV_15M50024DA4400010_1544 Dates Today Start Date Jul 01, 2024 Current End Date Jun 30, 2025 Potential End Date Jun 30, 2029 $ Award Amounts $7.0 Million Current Award Amount $7.0 Million Obligated Amount $7.0 Million Potential Award Amount Outlayed Amount $0.00 Obligated Amount $6,978,346.66 Current Award Amount $6,978,346.66 Potential Award Amount $6,978,346.66 View Transaction History Description AFD: CRYPTOCURRENCY MANAGED SERVICES - CLASS 1 BASE YEAR POP JULY 1, 2024 TO JUNE 30, 32025 North American Industry Classification System (NAICS)Code 52 : Fin
Molly White
Molly White  ·  3 months ago
Last week, Public Citizen’s Rick Claypool and I filed a complaint with the Federal Election Commission based on my research into apparent campaign finance violations by the Coinbase cryptocurrency exchange.

Read the full complaint and my updated article.

Complaint: https://www.citizen.org/article/coinbase-fec-complaint/

Updated article: https://www.citationneeded.news/coinbase-campaign-finance-violation/

#crypto #cryptocurrency#Coinbase#Fairshake#USpol#USpolitics

CONCLUSION FECA and FEC regulations prohibit a federal contractor from making a contribution to any political committee during the period in which a federal contract is being negotiated or performed. According to the definitions of the prohibited time period outlined in FEC regulations, Coinbase was prohibited from making campaign contributions beginning on March 4, 2024. The prohibition will continue until the completion of performance under the contract or the termination of negotiations (whichever is later). As the contract is still ongoing, Coinbase has been prohibited from making any contributions from March 4, 2024 through to the date of this complaint. Consequently, there is reason to believe Coinbase violated the federal contractor contribution prohibition by making a $500,000 contribution to a hybrid PAC, the Congressional Leadership Fund, and a $24,999,995 contribution to a super PAC, Fairshake, during the period it was negotiating and/or performing its federal contracts. Furthermore, both the Congressional Leadership Fund and Fairshake are aware of the prohibition on accepting contributions from federal government contractors, and may have violated FECA and FEC regulations if they had reason to believe Coinbase was negotiating a federal contract at the time they solicited and/or accepted the contributions.
CONCLUSION FECA and FEC regulations prohibit a federal contractor from making a contribution to any political committee during the period in which a federal contract is being negotiated or performed. According to the definitions of the prohibited time period outlined in FEC regulations, Coinbase was prohibited from making campaign contributions beginning on March 4, 2024. The prohibition will continue until the completion of performance under the contract or the termination of negotiations (whichever is later). As the contract is still ongoing, Coinbase has been prohibited from making any contributions from March 4, 2024 through to the date of this complaint. Consequently, there is reason to believe Coinbase violated the federal contractor contribution prohibition by making a $500,000 contribution to a hybrid PAC, the Congressional Leadership Fund, and a $24,999,995 contribution to a super PAC, Fairshake, during the period it was negotiating and/or performing its federal contracts. Furthermore, both the Congressional Leadership Fund and Fairshake are aware of the prohibition on accepting contributions from federal government contractors, and may have violated FECA and FEC regulations if they had reason to believe Coinbase was negotiating a federal contract at the time they solicited and/or accepted the contributions.
CONCLUSION FECA and FEC regulations prohibit a federal contractor from making a contribution to any political committee during the period in which a federal contract is being negotiated or performed. According to the definitions of the prohibited time period outlined in FEC regulations, Coinbase was prohibited from making campaign contributions beginning on March 4, 2024. The prohibition will continue until the completion of performance under the contract or the termination of negotiations (whichever is later). As the contract is still ongoing, Coinbase has been prohibited from making any contributions from March 4, 2024 through to the date of this complaint. Consequently, there is reason to believe Coinbase violated the federal contractor contribution prohibition by making a $500,000 contribution to a hybrid PAC, the Congressional Leadership Fund, and a $24,999,995 contribution to a super PAC, Fairshake, during the period it was negotiating and/or performing its federal contracts. Furthermore, both the Congressional Leadership Fund and Fairshake are aware of the prohibition on accepting contributions from federal government contractors, and may have violated FECA and FEC regulations if they had reason to believe Coinbase was negotiating a federal contract at the time they solicited and/or accepted the contributions.
building” if “payment for the performance of such contract or payment for such material, supplies, equipment, land, or building is to be made in whole or in part from funds appropriated by the Congress.” 52 U.S.C. § 30119(a)(1). The FEC has interpreted the prohibition on contributions to political committees as including contributions to hybrid PACs and independent expenditure-only political committees (“IEOPCs” or “super PACs”), a position they have made clear including in a statement regarding published after the 2011 Carey v. FEC decision. FECA additionally prohibits any person from knowingly soliciting any such contribution from a federal contractor. 52 U.S.C. § 30119(a)(2). The prohibition on campaign contributions from federal contractors applies from when a request for proposals is sent out or when negotiations commence (whichever is earlier) until the completion of performance under the contract or the termination of negotiations (whichever is later). 52 U.S.C. § 30119(a)(1); 11 C.F.R.§ 115.1(b) Coinbase is a federal contractor subject to the FECA prohibition Coinbase is a federal contractor, holding a current government contract with the United States Marshals Service (USMS), a federal agency within the United States Department of Justice. This contract has a $7 million obligated amount, and a $32.5 million total contract value. The USMS contract opportunity was first published on March 4, 2024, and offers were due on April 1, 2024.
building” if “payment for the performance of such contract or payment for such material, supplies, equipment, land, or building is to be made in whole or in part from funds appropriated by the Congress.” 52 U.S.C. § 30119(a)(1). The FEC has interpreted the prohibition on contributions to political committees as including contributions to hybrid PACs and independent expenditure-only political committees (“IEOPCs” or “super PACs”), a position they have made clear including in a statement regarding published after the 2011 Carey v. FEC decision. FECA additionally prohibits any person from knowingly soliciting any such contribution from a federal contractor. 52 U.S.C. § 30119(a)(2). The prohibition on campaign contributions from federal contractors applies from when a request for proposals is sent out or when negotiations commence (whichever is earlier) until the completion of performance under the contract or the termination of negotiations (whichever is later). 52 U.S.C. § 30119(a)(1); 11 C.F.R.§ 115.1(b) Coinbase is a federal contractor subject to the FECA prohibition Coinbase is a federal contractor, holding a current government contract with the United States Marshals Service (USMS), a federal agency within the United States Department of Justice. This contract has a $7 million obligated amount, and a $32.5 million total contract value. The USMS contract opportunity was first published on March 4, 2024, and offers were due on April 1, 2024.
building” if “payment for the performance of such contract or payment for such material, supplies, equipment, land, or building is to be made in whole or in part from funds appropriated by the Congress.” 52 U.S.C. § 30119(a)(1). The FEC has interpreted the prohibition on contributions to political committees as including contributions to hybrid PACs and independent expenditure-only political committees (“IEOPCs” or “super PACs”), a position they have made clear including in a statement regarding published after the 2011 Carey v. FEC decision. FECA additionally prohibits any person from knowingly soliciting any such contribution from a federal contractor. 52 U.S.C. § 30119(a)(2). The prohibition on campaign contributions from federal contractors applies from when a request for proposals is sent out or when negotiations commence (whichever is earlier) until the completion of performance under the contract or the termination of negotiations (whichever is later). 52 U.S.C. § 30119(a)(1); 11 C.F.R.§ 115.1(b) Coinbase is a federal contractor subject to the FECA prohibition Coinbase is a federal contractor, holding a current government contract with the United States Marshals Service (USMS), a federal agency within the United States Department of Justice. This contract has a $7 million obligated amount, and a $32.5 million total contract value. The USMS contract opportunity was first published on March 4, 2024, and offers were due on April 1, 2024.
COMPLAINT Coinbase, Inc. (“Coinbase”) is a cryptocurrency platform offering exchange, custody, and trading services. On March 20, 2024, Coinbase made a $500,000 contribution to the Congressional Leadership Fund (ID: C00504530), a hybrid PAC. On May 30, 2024, Coinbase made a $24,999,995 contribution to Fairshake (ID: C00835959), a super PAC. At the time of both contributions, Coinbase was negotiating a contract with the United States Marshals Service, a federal agency. In making these contributions of approximately $25.5 million, Coinbase violated federal campaign finance laws that expressly prohibit federal contractors from making contributions to political committees while negotiating or performing federal contracts. This complaint is filed pursuant to 52 U.S.C. § 30109(a)(1) and is based on information and belief that Coinbase violated the Federal Election Campaign Act of 1971 (“FECA”) prohibition on federal contractor contributions. If the Federal Election Commission (“FEC” or “Commission”), “upon receiving a complaint . . . has reason to believe that a person has committed, or is about to commit, a violation of [the Federal Election Campaign Act] . . . . [t]he Commission shall make an investigation of such alleged violation . . . .” 52 U.S.C. § 30109(a)(2) (emphasis added). BACKGROUND FECA prohibits a federal contractor from making contributions, directly or indirectly, to “any political party, committee, or candidate for public office or to any
COMPLAINT Coinbase, Inc. (“Coinbase”) is a cryptocurrency platform offering exchange, custody, and trading services. On March 20, 2024, Coinbase made a $500,000 contribution to the Congressional Leadership Fund (ID: C00504530), a hybrid PAC. On May 30, 2024, Coinbase made a $24,999,995 contribution to Fairshake (ID: C00835959), a super PAC. At the time of both contributions, Coinbase was negotiating a contract with the United States Marshals Service, a federal agency. In making these contributions of approximately $25.5 million, Coinbase violated federal campaign finance laws that expressly prohibit federal contractors from making contributions to political committees while negotiating or performing federal contracts. This complaint is filed pursuant to 52 U.S.C. § 30109(a)(1) and is based on information and belief that Coinbase violated the Federal Election Campaign Act of 1971 (“FECA”) prohibition on federal contractor contributions. If the Federal Election Commission (“FEC” or “Commission”), “upon receiving a complaint . . . has reason to believe that a person has committed, or is about to commit, a violation of [the Federal Election Campaign Act] . . . . [t]he Commission shall make an investigation of such alleged violation . . . .” 52 U.S.C. § 30109(a)(2) (emphasis added). BACKGROUND FECA prohibits a federal contractor from making contributions, directly or indirectly, to “any political party, committee, or candidate for public office or to any
COMPLAINT Coinbase, Inc. (“Coinbase”) is a cryptocurrency platform offering exchange, custody, and trading services. On March 20, 2024, Coinbase made a $500,000 contribution to the Congressional Leadership Fund (ID: C00504530), a hybrid PAC. On May 30, 2024, Coinbase made a $24,999,995 contribution to Fairshake (ID: C00835959), a super PAC. At the time of both contributions, Coinbase was negotiating a contract with the United States Marshals Service, a federal agency. In making these contributions of approximately $25.5 million, Coinbase violated federal campaign finance laws that expressly prohibit federal contractors from making contributions to political committees while negotiating or performing federal contracts. This complaint is filed pursuant to 52 U.S.C. § 30109(a)(1) and is based on information and belief that Coinbase violated the Federal Election Campaign Act of 1971 (“FECA”) prohibition on federal contractor contributions. If the Federal Election Commission (“FEC” or “Commission”), “upon receiving a complaint . . . has reason to believe that a person has committed, or is about to commit, a violation of [the Federal Election Campaign Act] . . . . [t]he Commission shall make an investigation of such alleged violation . . . .” 52 U.S.C. § 30109(a)(2) (emphasis added). BACKGROUND FECA prohibits a federal contractor from making contributions, directly or indirectly, to “any political party, committee, or candidate for public office or to any
Molly White
Molly White  ·  4 months ago
Please consider supporting my work by signing up for a free or pay-what-you-want subscription.

I'm a completely independent writer and researcher, and your contributions are crucial to helping me keep doing work like this.

https://www.citationneeded.news/signup/

You can also check out my cryptocurrency industry election spending tracking work at https://followthecrypto.org and (coming soon) @followthecrypto.

#CitationNeeded#Fairshake#Coinbase#USpolitics#USpol #crypto #cryptocurrency

Molly White
Molly White  ·  4 months ago
If the contribution is indeed a violation of campaign finance law, it would be the largest such violation by a huge margin — with past violations maxing out with contributions of around $1 million.

There are, unfortunately, loopholes when it comes to campaign finance law, and companies have exploited them in the past by donating and contracting through subsidiaries. I don’t believe that’s what’s happening here, and Coinbase refused to provide any further information.

#Coinbase#USpol #crypto

Molly White
Molly White  ·  4 months ago
When reached for comment, a Coinbase spokesperson declined to answer my questions and responded only with “Coinbase complies with all applicable laws, including campaign finance law.” A spokesperson for Fairshake did not respond to my requests for comment by publication time.

#CitationNeeded#Fairshake#Coinbase#USpolitics#USpol #crypto #cryptocurrency

A Coinbase spokesperson declined to answer questions about which entities were associated with the government contract or the political contribution, or to respond to broader inquiries about the apparent campaign finance violation, stating only that “Coinbase complies with all applicable laws, including campaign finance law.” A spokesperson for the Fairshake political action committee did not respond to requests for comment on the Coinbase entity that donated to the PAC, whether Fairshake had solicited the donation, or whether Fairshake had confirmed with Coinbase at the time of the donation their status as a federal contractor. The Fairshake website does note that federal contractors are prohibited from contributing to the super PAC.
A Coinbase spokesperson declined to answer questions about which entities were associated with the government contract or the political contribution, or to respond to broader inquiries about the apparent campaign finance violation, stating only that “Coinbase complies with all applicable laws, including campaign finance law.” A spokesperson for the Fairshake political action committee did not respond to requests for comment on the Coinbase entity that donated to the PAC, whether Fairshake had solicited the donation, or whether Fairshake had confirmed with Coinbase at the time of the donation their status as a federal contractor. The Fairshake website does note that federal contractors are prohibited from contributing to the super PAC.
A Coinbase spokesperson declined to answer questions about which entities were associated with the government contract or the political contribution, or to respond to broader inquiries about the apparent campaign finance violation, stating only that “Coinbase complies with all applicable laws, including campaign finance law.” A spokesperson for the Fairshake political action committee did not respond to requests for comment on the Coinbase entity that donated to the PAC, whether Fairshake had solicited the donation, or whether Fairshake had confirmed with Coinbase at the time of the donation their status as a federal contractor. The Fairshake website does note that federal contractors are prohibited from contributing to the super PAC.
Molly White
Molly White  ·  4 months ago
That donation, the largest of the three made by Coinbase to the Fairshake PAC, appears to have been well within the prohibited time period defined by the FEC.

Coinbase was at the time engaged in contract negotiations with the US Marshals service to provide custody and trading services for the cryptocurrencies seized during law enforcement investigations. They ultimately won the $32.5 million contract on July 1, 2024.

#CitationNeeded#Fairshake#Coinbase#USpolitics#USpol #crypto

Molly White
Molly White  ·  4 months ago
If the contribution is indeed a violation of campaign finance law, it would be the largest such violation by a huge margin — with past violations maxing out with contributions of around $1 million.

There are, unfortunately, loopholes when it comes to campaign finance law, and companies have exploited them in the past by donating and contracting through subsidiaries. I don’t believe that’s what’s happening here, and Coinbase refused to provide any further information.

#Coinbase#USpol #crypto

Molly White
Molly White  ·  4 months ago
That donation, the largest of the three made by Coinbase to the Fairshake PAC, appears to have been well within the prohibited time period defined by the FEC.

Coinbase was at the time engaged in contract negotiations with the US Marshals service to provide custody and trading services for the cryptocurrencies seized during law enforcement investigations. They ultimately won the $32.5 million contract on July 1, 2024.

#CitationNeeded#Fairshake#Coinbase#USpolitics#USpol #crypto

Flipboard Tech Desk
Flipboard Tech Desk  ·  4 months ago
Vitalik Buterin, the co-founder of decentralized blockchain Ethereum, has issued a warning to his fellow tech leaders against choosing a candidate purely based on whether they claim to be “pro-crypto.”

While he didn’t name any candidate specifically, his warning comes just one day after prominent venture capitalists Marc Andreessen and Ben Horowitz announced their support for Trump in the 2024 Presidential elections.

“In a blog post, Buterin said it’s more important to scrutinize a candidate’s broader policies to ensure they support cryptocurrency’s underlying goals, including internationalism and protection for private communications,” reports @Techcrunch Here’s more.

https://flip.it/u1UPFX

#Crypto#SiliconValley#Ethereum#Trump#2024Election