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How Coinbase is looking to drive crypto voters to the polls

WASHINGTON — In the first few years after founding Coinbase, CEO Brian Armstrong shied away from Washington, D.C. But as his ambitions for his crypto exchange scaled, so too did his need to curry favor on Capitol Hill.

“About five or six years ago, we realized that crypto was getting big enough that we needed to go really engage actively in a policy effort, so I started coming out to D.C.,” Armstrong, who started Coinbase in 2012, told CNBC in September, following a day of meetings with political leaders.

Now, it’s practically Armstrong’s full-time job, and Coinbase’s money is all over the nation’s capital. The company was one of the top corporate donors this election cycle, giving more than $75 million to a group called Fairshake and its affiliate PACs, including a fresh pledge of $25 million to support the pro-crypto super PAC in the 2026 midterms. Armstrong personally contributed over $1.3 million to a mix of candidates up and down the ballot.

The tech industry’s biggest names have dotted Washington for years to try and push their agendas as their market caps have expanded, but for Coinbase, the matter is potentially existential.

SEC Chair Gary Gensler sued the firm last year over claims that it sells unregistered securities. A judge has since ruled that the case should be heard by a jury. Coinbase has fought back vociferously, and has also said that it wants to work with regulators to come up with a proper set of laws governing the nascent industry.

Meanwhile, Coinbase faces a growing list of competitors.

In the company’s latest quarterly earnings report last week, Coinbase missed on the top and bottom lines due to lower transaction revenues and a drop in subscription and services revenues. The shares plummeted 15%.

Data from CCData shows the exchange is losing spot market share to industry rivals like Crypto.com. And investors have many new options for accessing bitcoin and ethereum since the SEC greenlit spot funds this year. BlackRock’s ETF chief Samara Cohen told CNBC that 75% of its bitcoin buyers are crypto investors who are new to Wall Street.

Washington can’t save Coinbase from the competition, but the company is betting that, with favorable lawmakers in place, it can be the leader in a thriving industry rather than under the constant threat of lawsuits and Wells notices.

Armstrong said his D.C. visits normally took place once or twice a year. Then it got to be at least a quarterly occasion. And the pace has only increased.

“In the beginning, a lot of people didn’t know what crypto was,” Armstrong said of his earlier trips. Now, “the discussion has advanced, really, to, how do we pass clear rules, create legislation in the United States?”

Coinbase's legal chief on crypto's 2024 election spending

An SEC sans Chair Gensler

Paul Grewal, Coinbase’s chief legal officer, attended a fundraiser in San Francisco in June that raised $12 million for former President Donald Trump. It was hosted by venture capitalist David Sacks, a former Trump critic who became an outspoken supporter when he became the Republican nominee.

Grewal later joined a fundraiser in Nashville in July for the former president.

Trump has never shown much of an aptitude for the nuances of crypto, but he’s welcomed the industry’s financial support. He was applauded in the summer, when he vowed to fire Gensler as head of the SEC if he wins.

Grewal told CNBC that he’s had “many conversations” behind closed doors with both the Trump camp as well as Democratic Vice President Kamala Harris’ campaign. Heading into Election Day on Tuesday, the candidates were in a virtual dead-heat.

“What I think we’re hearing from both campaigns is they get it,” Grewal said. “They understand that in swing state after swing state, there are enough voters who care about crypto that the candidate and their campaigns need to give voice to the concerns of those voters in supporting sensible rules for crypto, sensible legislation coming out of Congress, and that’s very encouraging.”

Grewal said that Trump “came earlier to this pro-crypto view,” but said that Harris recognizes the need for “an agenda focused on promoting sensible rules for crypto as much as any other technology.”

But Coinbase has stayed out of the presidential contest and focused its finances exclusively on Congressional races, as the company looks to help assemble a group of lawmakers with favorable views of the industry.

The Stand With Crypto Alliance, launched by Coinbase last year, has developed a grading system for House and Senate candidates across the country.

In the Ohio Senate race, for example, the organization gives Democratic incumbent Sen. Sherrod Brown, who chairs the banking committee, an “F” grade, versus an “A” grade for his Republican rival Bernie Moreno, a blockchain entrepreneur. Some $40 million of crypto money has been directed at defeating Brown, and one PAC has paid for five ads designed to boost awareness of Moreno. The race is very close and is crucial in determining which party will control the Senate.

Stand with Crypto, which has enrolled 1.4 million advocates across the country, is also working to mobilize digital asset owners living in swing states. This effort involved a cross-country bus tour through battlegrounds focused on getting these residents registered to vote.

Crypto climbs and bitcoin nears all-time high ahead of U.S. election

“It’s really extraordinary, given how razor-thin the margin of victory was in the 2020 election, to see crypto not only be an issue, but potentially a determinative issue in terms of the presidential cycle,” Faryar Shirzad, Coinbase’s chief policy officer, said in an interview.

Shirzad said that last year, he and his team concluded that the only way to get politics out of crypto was “to build our own political operation.” He said the goal is to “neutralization the politicization of the crypto issue and talk about it on the merits.”

Coinbase is far from alone. Nearly half of all corporate money raised this election comes from crypto firms.

Fairshake, one of the top spending PACs this cycle, told CNBC it’s raised around $170 million this election and disbursed approximately $135 million.

Ripple Labs is another one of Fairshake’s top political donors.

The company, which has spent more than $100 million battling Gensler, has given around $50 million to Fairshake. Several executives have also contributed to a mix of Democratic and Republican candidates in races across the country.

Ripple’s head of U.S. public policy, Lauren Belive, told CNBC at a fintech conference in Las Vegas that the company was motivated by the SEC’s overreach.

“We really wanted to put people into office that could learn about this technology and understand this technology, because we need Congress to act and to create federal statutes and not have this enforcement regime,” said Belive. She added the regulator has issued over 100 enforcement actions against crypto-aligned companies.

Crypto donor Chris Larsen on why he's giving millions to the Harris campaign

The crypto voter

Stand with Crypto’s bus tour culminated in a rally held at The Black Cat in Washington on a Wednesday night in September.

The popular music venue has no windows and gives off an “Alice in Wonderland” vibe, with its mix of purple-painted walls and exposed brick, along with its black-and-white checkered floor.

As music blared and drinks flowed, free “Stand with Crypto” merch was being handed out to attendees. Surplus goodie bags were generously doled out to those looking to take extras back home.

Armstrong slipped out of his black SUV to speak to CNBC just outside the venue. He donned a suit and tie, a stark contrast to his fellow attendees. Armstrong said he was confident about the upcoming election.

“The crypto voter has become a major part of this election now,” Armstrong said. “I think the crypto voter is really real, and we’ll see what happens in November.”

In addition to Armstrong, Consensys CEO Joe Lubin, and Rep. Wiley Nickel (D-N.C.) spoke at the rally. Most remarks were inaudible over the roaring buzz of the crowd.

A hush fell over the audience when the headline act, The Chainsmokers, took the stage. The band started with its 2017 classic “Paris,” and the crowd chimed in at the chorus: “If we go down, then we go down together.”

WATCH: Bitcoin slumps to $67,000 level on eve of U.S. election: CNBC Crypto World

Bitcoin slumps to $67,000 level on eve of U.S. election: CNBC Crypto World

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Anker SOLIX power stations up to 55% off, EcoFlow WAVE 3 AC and GLACIER coolers from $807, Greenworks, EGO batteries, more

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43 mins ago

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April 29, 2025

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Anker SOLIX power stations up to 55% off, EcoFlow WAVE 3 AC and GLACIER coolers from 7, Greenworks, EGO batteries, more

Today’s Green Deals is jam-packed with amazing deals, starting with Anker’s SOLIX Mother’s Day Sale that is taking up to 55% off another massive lineup of power station offers, complete with limited flash sales and some free gear on select purchases – all starting from $70. We’re also looking back in on EcoFlow’s Spring-to-Summer Sale to spotlight the launch deals we’re seeing on the brand’s new WAVE 3 Portable AC/Heater and the multiple sizes of GLACIER Classic Electric Coolers that are getting bonus savings and start from $807. We also spotted three of Greenworks’ cordless electric riding mowers (CrossoverT, CrossoverZ, and MaximusZ) getting up to $1,000 taken off their tags, as well as EGO’s 56V 2.5Ah and 5.0Ah batteries starting from $110. Plus, all the other hangover Green Deals are in the links at the bottom of the page, like yesterday’s latest EcoFlow sale offers, the new low prices on Lectric’s XP 3.0 e-bikes, and more.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Save up to 55% on a massive lineup of power station deals during Anker’s SOLIX Mother’s Day sale starting from $70

Anker has launched its Mother’s Day sale running through May 11, with up to 55% being taken off its massive lineup of power stations and solar generators, as well as some multi-day flash sale offers and extra savings in the form of free gear on select purchases. A notable inclusion for campers is the brand’s F2000 Portable Solar Generator bundle that comes along with a 400W solar panel for $1,599 shipped, and also matching in price over at Amazon. Coming down off its usual $2,898 price tag, we’ve seen discounts in 2025 mostly dropping costs between $1,899 and $1,599, with today’s deal only beaten out by the discount from Christmas sales that dropped things $100 lower. You’re looking at the best price we’ve otherwise tracked, which saves you $1,299 while also equipping you with a reliable means of backup power for trips and emergencies.

As mentioned before, there are some benefits you can take advantage of during this event, with three different gift offers accompanying select purchases. When you buy a C1000 and EverFrost 2 40L bundle, you’ll get a free Tritan water bottle, while any of the C300 bundles come along with a free car charging cable, and purchases of either the F3800 or F3800 Plus score you a free protective cover.

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A solid mid-tier option for keeping devices and appliances running, Anker’s SOLIX F2000 power station provides a 2,048Wh LiFePO4 capacity that can deliver up to 2,400W of output on average with the ability to surge to 3,600W for larger appliance needs. Its 12 output ports give you a versatile range of coverage, including a TT-30 port to connect to your RV while out on the road and beyond. You can regain 80% of its battery in 1.4 hours by plugging it into a standard wall outlet, with it also boasting a 1,000W max solar input that would yield the same amount in 2.5 hours (and a little over 5 hours for the included 400W panel). There’s also the option to connect it to your car’s auxiliary port, as well as the usual array of smart controls available through its companion app.

Anker SOLIX Mother’s Day Sale flash offers (ending May 2):

Anker Mother’s Day Sale SOLIX F2000 deals:

Anker Mother’s Day Sale SOLIX C1000 deals:

Anker Mother’s Day Sale SOLIX C800 deals:

Anker Mother’s Day Sale SOLIX C200 & C300 deals:

Standard F3800 power station/solar generator offers:

Standard F3800 home backup bundles:

F3800 Plus power station/solar generator offers:

F3800 Plus home backup bundles:

Anker Mother’s Day Sale SOLIX accessory deals:

You can browse the entire lineup of Anker’s SOLIX Mother’s Day sale on the landing page here.

EcoFlow WAVE 3 AC/Heater

EcoFlow launches WAVE 3 AC/Heater and GLACIER Classic electric coolers at up to 49% off starting from $807

EcoFlow has launched its newest portable AC/heater and electric cooler units, which are joining the lineup of power station deals we’re seeing as part of the brand’s Spring-to-Summer Sale, but will be outlasting the sale through May 25 – plus, there’s even bonus savings and free gear to be had! Things start at the base WAVE 3 Portable Air Conditioner and Heater for $806.55 shipped, after using the promo code EFWGAFF5 at checkout for an additional 5% off. This new unit will carry a $1,299 price tag once the launch savings have ended, with the combined 38% markdown we’re seeing striking $492 off the going rate to set the bar for discounts down the road. Head below to learn more about this new device and check out its many bundle deals that we’ve collected together for you.

As a bonus, you’ll also be getting some free gear along with both the AC and the cooler, with the WAVE 3 coming along with a free 110W solar panel while the GLACIER coolers are getting a free Power Hat. These offers are only slated to continue through May 2, however, with the extra savings code lasting through May 25.

EcoFlow’s WAVE 3 provides similar performance to its previous-generation model, but with some notable upgrades, like the space coverage from the previous 108 square feet to 120 to 180 square feet. Whether you’re looking to utilize it for camping in a tent, car, RV, or other enclosed space, it’s 1,800W cooling output (6,100 BTU power) is claimed by the brand to drop temperatures by 15 degrees in 15 minutes, with the 2,000W heating output (6,800 BTU power) providing a similar speed of warming a space by 17 degrees in 15 minutes. It comes with an expanded list of smart controls through its companion app, with new features like the PetCare mode that automatically starts cooling once temperatures reach 77 degrees to protect your fur-babies from heatstroke, while also sending you notifications. There are also notifications for when its water drain needs attention, as well as offering a dehumidification mode and a sleep mode that drops operating noise to 44dB so you can sleep while it runs.

Like its predecessor, the standalone WAVE 3 can be powered by simply plugging it into an outlet or power station, or you can get up to 8 hours of wireless action with its add-on LiFePO4 battery (bundles below). Of course, once its battery is attached, there are some alternative ways to keep it juiced up and going, like utilizing up to its 400W max solar input to refill the battery in up to 3 hours, which can also be split between solar and an AC outlet to cut that time to 75 minutes. You can also connect it to your car with the brand’s 800W alternator, charging to regain a full battery after a little more than one hour of charging, while connecting it to your car’s auxiliary port takes longer, at 10 hours.

***Note: The 5% promo coupon has not been factored into the prices below; make sure to enter the code EFWGAFF5 at checkout to score the maximum savings where applicable!

EcoFlow’s WAVE 3 AC/Heater bundles:

EcoFlow GLACIER CLASSIC deals:

Be sure to also check out EcoFlow’s full Spring-to-Summer Sale power station lineup, which are getting up to 52% discounts on top of bonus savings in the form of an alternate sitewide 5% off code – with these deals only lasting through May 7.

Greenworks 60V CrossoverZ 42-inch Cordless Zero Turn Riding Lawn Mower

Cover up to 1.5 acres on Greenworks’ 60V CrossoverZ zero turn cordless electric riding mower at $3,800

Amazon is offering the Greenworks CrossoverZ 60V 42-inch Zero Turn Cordless Electric Riding Mower with four 8.0Ah batteries and two dual-port chargers for $3,799.99 shipped, and also matching the price directly from the brand’s website. Normally fetching $4,800 when it’s not on sale, discounts have been more stagnant than we saw last year, with it spending most of the time since October keeping to its full price and occasionally dropping down to $3,800 at best. Today’s deal is no different as the 21% markdown here cuts $1,000 off the tag and returns costs to the best price we’ve tracked since fall Prime Day. Head below to learn more and check out the other riding mowers seeing discounts.

One of Greenworks’ most highly-rated lawn care solutions, you’ll get a fully comprehensive mowing experience aboard the CrossoverZ, with this 60V package able to tackle up to 1.5 acres on a single charge of the included batteries. It’s been given a TRUBRUSHLESS motor housed within a 42-inch reinforced 12-gauge steel cutting deck, providing the equivalent output of a 24-horsepower gas motor that can easily handle inclines up to 15 degrees. The whole thing comes with an IPX4 waterproof design, ensuring it can handle sudden weather shifts when you’re in the middle of a job.

You’ll sit comfortably with the high-back padded seat that supports your back, all while the mower gets your lawn to desired heights ranging from 1-1/2 inches to 4-1/2 inches. This deal includes two dual-port turbo chargers which can have batteries refilled and ready to go in just 90 minutes. A quick tip from the brand – you can use two batteries to run the mower while charging the other two simultaneously, and switching them out when needed for more continuous mowing. If you have any additional 60V batteries from the brand, you’ll also have to option to throw them into the mix for extended performance too.

Other Greenworks riding mower discounts:

  • CrossoverT Pro 80V 42-inch Electric Lawn Tractor: $3,999 (Reg. $4,500)
    • Comes with four 5.0Ah batteries and plug-in charger
  • CrossoverZ 80V 42-inch Zero Turn Mower: $3,999 (Reg. $5,000)
    • Comes with four 5.0Ah batteries and plug-in charger
  • MaximusZ 80V 60-inch Zero Turn Mower: $7,500 (Reg. $8,500)
    • Comes with two 16.0Ah batteries, four 8.0Ah batteries, and wall charger
EGO 56V 2.5Ah ARC battery

Stock up on EGO 2.5Ah and 5.0Ah batteries for your lawn care arsenal while they’re up to $80 off starting from $110

EGO Power+ fans are getting a great opportunity to build up their battery collection as Amazon is now offering significant discounts on two varying sizes of batteries, starting with the brand’s 56V 2.5Ah ARC Battery at $109.99 shipped. Normally carrying a $180 price tag, it’s been more recently seen with discounts that keep it bouncing between $160 and $130. This is the second time we’re seeing it drop this low in 2025, with the $70 markdown here only beaten out by its $99 low that we haven’t seen for some time.

EGO is one of the most popular electric tool brands on the market, especially for lawn care needs. Its 56V ARC batteries are well known as interchangeable models between its ecosystem of equipment, which allows you to power most of its tools all with the same batteries. While the 2.5Ah batteries are the smallest of them, it still provides plenty of power to tackle many jobs around homes, with it even sporting a fuel gauge indicator light to keep you aware of its remaining battery level as you work. Right now, you can also find its larger 5.0Ah counterpart coming with a charger discounted at Amazon for $249.31 shipped, down from $329.

Best Spring EV deals!

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

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BYD just broke a record for premium EV deliveries in this booming market

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1 hour ago

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April 29, 2025

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BYD just broke a record for premium EV deliveries in this booming market

BYD-record-premium-EV-deliveries

BYD secured a new record for the most premium EV deliveries in a single day in India. After launching its new midsize electric SUV, the Sealion 7, BYD has officially entered the India Book of Records.

BYD sets new record for premium EV deliveries in India

Less than a month after opening orders for the new Sealion 7 in January, BYD India announced the new electric SUV had secured over 1,000 bookings.

Now, it’s officially in the India Book of Records. EVM Southcoast BYD delivered the highest number of premium EVs in a single day after handing over 51 Sealion 7 models.

The Sealion 7 is available in two versions: Premium and Performance, with all-wheel drive (AWD) and rear-wheel drive (RWD) options. The entry-level Premium model starts at ₹48.9 lakh ($57,500), while the Performance variant costs ₹54.9 lakh ($64,500).

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Powered by an 82.56 kWh BYD Blade battery, the Performance variant offers up to 542 km (337 miles) driving range while the Premium model can travel up to 567 km (352 miles) on a single charge (NEDC).

BYD-record-premium-EV-deliveries
BYD Sealion 7 delivery event in India (Source: BYD)

The Sealion 7 is 4,830 mm long, with a wheelbase of 2,930 mm, which is about the same size as the new Tesla Model Y, at 4,790 mm in length.

Designed by Wolfgang Egger, a former Lamborghini and Audi designer, the electric SUV features sleek character lines and an aerodynamic profile.

Inside, the Sealion 7 features a 15.6″ rotating touchscreen at the center of a minimalistic setup. Other interior highlights include a heads-up display, panoramic sunroof, premium Nappa leather seats, and an immersive audio system.

Variant Driving Range
(NEDC)		 Starting Price
BYD Sealion 7 Premium 542 km (337 miles) ₹48.9 lakh ($57,500)
BYD Sealion 7 Performance 567 km (352 miles) ₹54.9 lakh ($64,500)
BYD Sealion 7 driving range and price by trim in India (Source: BYD)

BYD said the accomplishment “isn’t just a delivery milestone” but a “bold step toward a cleaner, greener, and more sustainable India.”

Electrek’s Take

The Sealion 7 joins a growing number of vehicles BYD sells in India, including the Seal sedan, Atto 3 SUV, and eMAX 7.

Nearly 100,000 electric vehicles were sold in India last year, up 20% from the 82,688 sold in 2023. However, with new models arriving from Maruti Suzuki, Hyundai, BYD, and others, analysts expect significant growth in 2025.

According to S&P Global Mobility, EV production in India is expected to surge 140% to around 301,400 units. That’s about 6% of the roughly 5.16 million vehicles expected to be made in India this year.

And India is just one market BYD is rapidly expanding in. After overseas vehicle sales doubled in the first three months of 2025, BYD’s growth is poised to accelerate this year. BYD’s sales in Europe are expected to double in 2025, while other regions, such as Southeast Asia and Central and South America, are likely to see higher sales with the introduction of new models and the start of local production.

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Shift4 shares surge 11% on earnings beat as fintech stocks climb on results and upgrades

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2 hours ago

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April 29, 2025

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Shift4 shares surge 11% on earnings beat as fintech stocks climb on results and upgrades

Jared Isaacman, CEO of Shift4 Payments, at the New York Stock Exchange on June 3, 2021.

Source: NYSE

Fintech stocks were in focus Tuesday as fresh earnings reports and analyst notes drove sharp reactions across the sector.

Shift4 Payments and Upstart Holdings surged following upbeat news, while PayPal shares were slightly higher despite delivering a strong earnings beat.

Shift4 shares rose more than 10% after the company reported better-than-expected first-quarter results and raised its full-year guidance.

Shift4 reported adjusted earnings of $1.07 per share, above the LSEG expectation of 71 cents per share. Sales in the first quarter of $848 million were below the consensus estimate of $868 million.

The payments firm, which has been pushing into new verticals such as stadiums, gaming and travel, projected adjusted EBITDA of $853 million for 2025, up from $843 million. End-to-end payment volume hit $45 billion for the quarter, topping StreetAccount’s consensus estimate of $43 billion.

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Shift4 Payments one day stock chart

Upstart Holdings rallied after Bank of America upgraded the stock to neutral from underperform, setting a $53 price target. The firm cited a more balanced risk-reward outlook, supported by improving business fundamentals and a more reasonable valuation, following a 45% decline in Upstart shares since mid-February.

Analysts pointed to encouraging signs of recovery, particularly Upstart’s increasingly diversified loan portfolio, which is expected to provide more stable volumes. Over the past 18 months, Upstart has added prime loans, HELOCs, small-dollar loans, and has enhanced its auto loan product, expanding its addressable market beyond subprime borrowers and reducing its reliance on riskier credit segments.

Shares of Upstart have traded sharply higher after each of the last three earnings reports, as improvements in funding and loan volumes have boosted investor confidence. Still, nearly 28% of Upstart’s shares are currently shorted, according to Bloomberg.

Upstart reports first-quarter earnings on May 6 with an artificial intelligence-focused Investor Day scheduled for May 14.

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PayPal, meanwhile, delivered a mixed headline quarter. Shares were 1.5% higher after reporting an earnings beat and revenue that fell slightly short of the Street’s estimate.

One bright spot was Venmo, as revenue rose 20% year over year, reflecting early progress in the company’s effort to better monetize the platform.

While it has long been a popular consumer service for sending money to friends, Venmo’s ability to drive meaningful revenue has been a major question mark for investors, especially as competition from rivals such as Zelle and Square Cash has intensified.

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PayPal shares move higher after reporting earnings

Venmo’s total payment volume rose 10% from a year earlier, but revenue grew twice as fast, reflecting the business opportunity. Venmo only gets revenue from specific products such as Pay with Venmo at online checkout, Venmo debit cards and instant transfers, but not from peer-to-peer payments.

Analysts at Mizuho said on Tuesday that while the stock reaction was initially negative, they expect it to rebound. They noted that branded total payment volume rose 6% year over year excluding leap day effects — a better result than expected — and that PayPal reiterated its full-year total payment volume growth target despite macroeconomic uncertainty, signaling underlying strength.

However, Mizuho flagged that keeping full-year earnings per share guidance unchanged despite a lower tax rate could remain a drag on sentiment.

Read more about tech and crypto from CNBC Pro

PayPal CEO Alex Chriss: Huge opportunity to deliver to consumers and help small business

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