SUBJECT-29188.dossier · company · status: active

subject of file

Coinbase

Largest U.S. cryptocurrency exchange (NASDAQ: COIN)

Tracked because Largest U.S. crypto exchange and the single biggest corporate donor to the Fairshake PAC network. Its lobbying arm shaped the GENIUS Act and FIT21 markup language and benefits directly from a federal stablecoin regime that legitimises listed-stablecoin custody.

Editorial summary · AI-drafted from public records

Coinbase Global, Inc. is the largest U.S.-licensed cryptocurrency exchange. Top corporate donor to the Fairshake super-PAC and its affiliates during the 2023–2024 cycle.

Facts on record20

Connections mapped37

Sources cited19

Inferential claims1

✦ Thin coverage gap +109 connected to 37 entities · only 20 facts on record · flagged for follow-up research

Evidence: 6P 9S+1 5I

Network web → Timeline → Compare with… → Wikipedia history → Position Drift → Coverage tone → View on Graph → View Card → Export CSV JSON Dossier ← Entity Directory

Stated vs Revealed

No documented contradictions on file.

[PUBLIC COST ESTIMATE]

At least $45.0M in documented public funds flow through entities connected to this profile, while 10 elected officials hold documented connections.

$45.0MContract Value

1Money Chains

1Traced Hops

Connected Officials

William R. Timmons U.S. House · affiliation
J. French Hill U.S. House · donor
Kirsten Gillibrand U.S. Senate · donor
Kirsten Gillibrand U.S. Senate · donor
Kirsten Gillibrand U.S. Senate · donor
Kirsten Gillibrand U.S. Senate · donor
Kirsten Gillibrand U.S. Senate · donor
Kirsten Gillibrand U.S. Senate · donor
Kirsten Gillibrand U.S. Senate · donor
Kirsten Gillibrand U.S. Senate · donor

Calculation Methodology

Contract values are summed from documented money flow chains where this entity appears as a source or destination node. Amounts are drawn from USASpending.gov, FEC filings, SEC EDGAR, or LD-2 lobbying registrations.

Donor contributions aggregate documented amounts from the donor_interests table, sourced from FEC individual and PAC contribution filings.

Connected officials are elected officials in our database with a mapped relationship (lobbying, board membership, campaign contribution, etc.) to this entity.

Annualised flow represents the total documented dollar amount traced through money flow hops involving this entity. Where hop-level amounts are unavailable, the chain-level documented total is used as a conservative upper bound.

All figures are drawn from public filings. Estimates are conservative — undisclosed transactions, dark money, and vanish-point hops are excluded from totals. This is a minimum documented floor, not a ceiling.

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PATTERN organization → [donor] → elected official → [donor] → com... 28102× PATTERN organization → [donor] → person → [oversight] → company 876× PATTERN company → [donor] → person → [donor] → company 863× PATTERN company → [donor] → elected official → [donor] → person 763× PATTERN company → [donor] → person 730×

Connection Map

Key Connections

→ Fairshake institution

donor

Coinbase is among the largest corporate donors to the Fairshake super-PAC.

→ SEC Staff Accounting Bulletin No. 121 instrument

lobbied-against

Coinbase publicly campaigned for the repeal of SAB 121, which constrained institutional custody of crypto assets that Coinbase competes to provide.

← Erin Houchin person

Advocacy Support

Houchin was rated a 'strongly supportive' candidate by Coinbase's Stand With Crypto initiative and has been publicly embraced by crypto advocacy groups.

← Brittany Pettersen person

donor

Coinbase contributed $20,021 ($18,021 individual + $2,000 PAC) to Pettersen's campaign.

→ Sherrod Brown elected official

competitor

Fairshake spent ~$40 million in the 2024 election to successfully oppose incumbent Senator Sherrod Brown in Ohio, funded significantly by Coinbase.

← Bill Hagerty elected official

constituent_business_interest

Coinbase has expanded its operational footprint in Tennessee, the state Hagerty represents.

← Emily Randall person

endorsement_rating

Randall's campaign was rated a 'strong' crypto supporter by Coinbase's Stand With Crypto initiative.

← Yassamin Ansari person

donor

Coinbase contributed $40M to Fairshake which funded Protect Progress that supported Ansari. Additionally, Ansari completed Coinbase's Stand With Crypto questionnaire and had a dedicated blockchain/crypto policy section on her campaign website.

Facts (20)

Data Freshness

Ageing Last update: 142d ago · Avg age: 340d

Confidence Tiers: Primary Source — cross-referenced government/corporate filings Pending Review — sourced but not independently verified AI Inference — analytical hypothesis from cross-referencing

✓ Verified Findings (15)

Independently re-checked: a second model read the source artifact and confirmed it supports the extracted claim.

✓ verified Pending Review As of Q1 2026, stablecoin-related income constitutes the single largest component of Coinbase's 'Subscription and services' revenue, surpassing both staking and custodial fees.

Date: 2026-05-01 Added: 03 May 2026

✓ verified Pending Review The May 2026 CLARITY Act safe harbor for 'activity-based rewards' was explicitly designed to accommodate the specific revenue-sharing architecture currently employed by Coinbase and Circle.

Date: 2026-05-02 Added: 03 May 2026

✓ verified Pending Review Coinbase reported $1.35 billion in 'Stablecoin revenue' for the fiscal year 2025, a figure that represents approximately 80% of Circle's total reported distribution expenses for the same period.

Date: 2026-02-24 Added: 03 May 2026

✓ verified Pending Review The technical definitions of 'activity-based rewards' in the May 2026 CLARITY Act compromise track verbatim with policy recommendations circulated by Coinbase-affiliated trade groups in late 2025.

Date: 2026-05-02 Added: 03 May 2026

✓ verified Pending Review Coinbase's Q1 2026 LDA filing (submitted April 2026) reports $840,000 in lobbying expenditures, specifically listing 'Oversight of SAB 122' and 'Implementation of the GENIUS Act' as primary issue areas.

Date: 2026-04-20 Added: 03 May 2026

✓ verified Pending Review The Fairshake super-PAC spent approximately $40 million in the 2024 election to successfully oppose incumbent Senator Sherrod Brown in Ohio.

Date: 2024-11-05 Added: 03 May 2026

✓ verified Pending Review Paul Atkins was appointed SEC Chairman in 2026, succeeding the previous administration and signaling a shift toward 'clearer lines' in crypto asset classification.

Date: 2026-03-17 Added: 03 May 2026

✓ verified Pending Review Coinbase reported total net revenue of $6.9 billion and net income of $1.3 billion for the fiscal year 2025, according to its 2026 proxy statement.

Date: 2026-04-24 Added: 03 May 2026

✓ verified Pending Review Coinbase's public policy statements endorsing FIT21, the GENIUS Act, and SAB 121 repeal provide explicit criteria that correlate with Fairshake spending patterns, but no public document confirms these criteria were formally applied to internal allocation decisions.