Coinbase denies Senator Murphy’s claim of Trump favoritism, says donations are legal, nonpartisan, and part of standard practice.
Coinbase has rejected accusations from U.S. Senator Chris Murphy, who claimed the crypto firm supported President Donald Trump for political gain.
The senator accused Coinbase of benefiting from favoritism, but the exchange’s chief policy officer called the claims “ridiculous” and defended the company’s political donations as nonpartisan.
Senator Links Coinbase Donations to Political Favoritism
On Thursday, Senator Murphy posted on platform X, stating that Coinbase’s donations were linked to what he described as “Trump’s corruption factory.” He referenced Coinbase’s $46 million political contribution and corporate donations to Trump’s inauguration and the White House ballroom project.
Here's an example of how Trump's corruption factory works.
1. Coinbase put $46M into elections to help Trump allies.
2. Sends him a huge check for his inauguration.
3. Trump drops SEC lawsuit against Coinbase.
4. Trump demands big donation from Coinbase for ballroom. Done. https://t.co/kLstTHquty— Chris Murphy 🟧 (@ChrisMurphyCT) October 30, 2025
Senate Democrats are currently reviewing the $300 million White House ballroom project and have requested full disclosure of the funding sources. Murphy suggested Coinbase’s involvement was politically motivated and questioned the SEC’s decision to drop its lawsuit against the exchange earlier in the year.
The senator’s comments drew attention as crypto firms are becoming more active in the political space. He previously raised concerns about Binance.US and its support for the USD1 stablecoin after former President Trump pardoned Binance founder Changpeng Zhao.
Coinbase Defends Political Contributions and Partnerships
Coinbase Chief Policy Officer Faryar Shirzad responded to Senator Murphy’s claims with a statement posted on X.
He dismissed the allegations as “ridiculous” and said the company’s support for the Trust for the National Mall ballroom project was consistent with practices followed by other major corporations.
Senator @chrismurphyCT. This is ridiculous. Here are the facts:
– Fairshake is non-partisan superpac. Ask your staff to look up the public disclosures and you'll see that FS supported multiple Democrats, including 3 of your new Senate D colleagues.
– Presidential Inaugural… https://t.co/0PGEz3zQtJ— Faryar Shirzad 🛡️ (@faryarshirzad) October 30, 2025
Shirzad explained that Coinbase made the donation alongside companies from various industries. He emphasized that such corporate donations have occurred across multiple administrations, including those led by Presidents Obama and Biden.
He also clarified that the crypto-focused political action committee, Fairshake, is nonpartisan. According to Shirzad, Fairshake has supported candidates from both parties, including three new Democratic senators who now serve with Murphy.
SEC Lawsuit and Stablecoin Developments Addressed
In addition to denying political favoritism, Coinbase addressed the dropped SEC lawsuit. Shirzad said the case under the former SEC chair showed a “pattern of bullying,” and praised the current administration for closing it based on merit.
He added that since the GENIUS Act passed, nearly 100 new stablecoin initiatives have launched. Besides, Coinbase supported the legislation and believes it encourages innovation in the digital asset industry.
Shirzad concluded by stating that Coinbase continues to work toward helping the U.S. remain a leader in financial innovation. The company’s response to Senator Murphy comes amid rising political scrutiny of crypto exchanges ahead of the 2026 election cycle.
