Coinbase has shut down its political action committee after 10 months without raising any funds or backing any candidates.
Cryptocurrency exchange Coinbase has formed a Political Action Committee (PAC), according to government documents published Friday night.
A disclosure published by the U.S. Federal Election Commission revealed that the exchange formed the “Coinbase, Inc. Political Action Committee” in June 2018, though it has yet to raise or donate any money. The Form 3x – a “Report of Receipts and Disbursements For Other Than An Authorized Committee” – means the PAC is not currently attached to any candidate running for public office.
The document listed a reporting period from June 4 to June 30.
PACs are formed in the U.S. primarily to raise funds on behalf of candidates running for public office, usually representing specific business or ideological interests, according to the Center for Responsive Politics, a financial transparency group which tracks money in politics.
Coinbase communications director Elliot Suthers confirmed that the exchange has launched a PAC, though he declined to provide further details at press time.
While this may be the first PAC formed by a crypto organization, the exchange itself has already donated more than $81,000 for political causes, CNN reported Friday. Coinbase donated $78,000 to Brian Forde, a Congressional candidate and former Office of Science and Technology Policy advisor to President Barack Obama.
The other $3,000 went to BIT PAC, a PAC which has apparently donated to Republicans Justin Amash and Josh Mandel.
Coinbase app image via Shutterstock
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