Coinbase Leads Crypto Sector’s $141M Political Push with $25M Fairshake PAC Donation

The cryptocurrency industry is making a significant move to influence U.S. congressional elections, with Fairshake PAC and its affiliates amassing a staggering $141 million in campaign funds. Coinbase, a leading player in the crypto space, has contributed $25 million to this effort, highlighting the sector's determination to shape pro-crypto legislation. This substantial financial backing underscores the growing political clout of the cryptocurrency industry as it seeks to secure favorable regulatory frameworks. Fairshake's previous $139 million spending in the election cycle already demonstrated its influence, impacting approximately 10% of congressional outcomes. With this latest infusion of funds, the crypto sector is poised to become an even more dominant force in the 2026 elections, signaling a new era of digital asset advocacy in American politics.

Crypto Sector's Fairshake PAC Amasses $141M for 2026 Elections with Coinbase's $25M Boost

The cryptocurrency industry is positioning itself as a dominant force in U.S. congressional elections, with Fairshake PAC and its affiliates now holding $141 million in campaign funds. Coinbase's latest $25 million contribution underscores the sector's commitment to shaping pro-crypto legislation.

Fairshake's $139 million spending in the previous cycle secured influence over approximately 10% of Congress, demonstrating the industry's growing political clout. Key backers like Coinbase, Ripple, and a16z have replenished the war chest well ahead of the 2026 election cycle.

"Congress needs to stop playing politics with crypto and finally pass responsible regulation," said Fairshake spokesperson Josh Vlasto. The PAC plans an aggressive strategy to amplify pro-crypto voices in pivotal races nationwide.

Arcadia Finance Exploited for $2.5M on Base Network

Arcadia Finance, a protocol operating on Coinbase's Base network, suffered a $2.5 million exploit after hackers manipulated its Rebalancer contract. Blockchain security firm Cyvers Alerts detected the attack early Monday, noting the stolen funds were swiftly converted to ETH and bridged to Ethereum, complicating recovery efforts.

The breach highlights persistent vulnerabilities in DeFi asset management tools, despite Arcadia's backing by Coinbase Ventures. Users are urged to revoke asset manager permissions immediately as the team investigates.

This incident contributes to DeFi's worsening security landscape. Certik reports sector losses reached $2.47 billion in 2025's first half - a 3% increase over 2024. The second quarter alone saw 144 major security incidents, underscoring the urgent need for improved contract auditing practices.

California Enlists Ripple, Coinbase, and MoonPay for Government Innovation Initiative

California has launched the California Breakthrough Project, a government innovation initiative aimed at modernizing state services through blockchain technology. Led by Governor Gavin Newsom, the project brings together industry leaders including Ripple, Coinbase, and MoonPay to advise on improving government efficiency and collaboration.

The task force held its inaugural meeting at Ripple's San Francisco headquarters, signaling a strategic shift toward integrating cutting-edge technology into public administration. This MOVE positions California at the forefront of GovTech innovation, with blockchain poised to streamline bureaucratic processes and enhance service delivery.

The collaboration represents a significant milestone in institutional adoption of cryptocurrency technologies, bridging the gap between digital asset innovators and government operations. As public sector interest in blockchain solutions grows, California's initiative may serve as a blueprint for other states seeking to harness these technologies for civic improvement.

JPMorgan's Jamie Dimon Signals Deeper Stablecoin Involvement Despite Skepticism

JPMorgan Chase CEO Jamie Dimon revealed plans to expand the bank's stablecoin initiatives during Tuesday's earnings call, even as he questioned their superiority over traditional payment systems. The banking giant will develop both its JPMorgan Depositcoin and explore third-party stablecoins, with Dimon acknowledging their legitimacy while maintaining his characteristic crypto skepticism.

The announcement comes amid a watershed moment for stablecoins, which are gaining traction as efficient cross-border payment tools—particularly in emerging markets. Regulatory tailwinds are strengthening, with the GENIUS Act clearing the Senate and awaiting House approval this week.

Despite Dimon's historical crypto criticism, JPMorgan has emerged as a blockchain pioneer through its Kinaxis network (formerly Onyx), processing $2 billion daily in JPM Coin transactions. The bank recently tested a deposit token on Coinbase's Base network, signaling institutional blockchain adoption continues apace.

SharpLink Gaming Expands Ethereum Holdings as ETH Price Surpasses $3K

SharpLink Gaming (NASDAQ: SBET) has acquired an additional 5,188 ETH, worth $15 million, as Ethereum's price crosses the $3,000 threshold. The purchase follows a series of aggressive accumulations, bringing the company's total ethereum holdings to approximately 285,894 ETH—valued at $871 million at current prices.

The latest transaction marks the fourth major Ethereum purchase by SharpLink in less than a week, totaling $199.4 million spent on 67,420 ETH. All acquisitions were sourced from a Coinbase Prime wallet, a platform catering to institutional crypto investors.

SharpLink's Ethereum strategy includes staking 74,464 ETH to earn network rewards, according to blockchain analytics firm EmberCN. The company's buying spree coincides with a 2.87% price surge for ETH, which now trades at $3,087 amid steady market activity.

California Governor Launches Blockchain Task Force with Crypto Industry Leaders

California Governor Gavin Newsom has initiated the California Breakthrough Project, a first-of-its-kind collaboration between state regulators and major cryptocurrency firms. The task force, comprising Ripple, Coinbase, and MoonPay, held its inaugural meeting on June 6 at Ripple's San Francisco headquarters to explore blockchain solutions for public administration inefficiencies.

With nearly 25% of North America's blockchain firms based in California, the state aims to set a national standard for digital governance. Ripple will lead efforts to integrate blockchain into payment systems, leveraging its expertise in real-time settlement. Coinbase brings digital asset management and secure wallet infrastructure to modernize public finance, while MoonPay's payment technology targets streamlined government-citizen interactions.