Coinbase, one of the most popular cryptocurrency exchange platforms in the world, has launched a political action committee (PAC). The formation of a PAC advocacy group by the San Francisco-based exchange platform is the latest in a series of steps by cryptocurrency companies to engage policymakers in the United States.
Details of the PAC
The news of the Coinbase PAC was confirmed via a Federal Election Commission (FEC) filing that was made public on July 21, 2018. According to the FEC filing, the Coinbase PAC hadn’t raised any funds as of June 30, 2018. At the time of writing this article, Coinbase has yet to issue any statement concerning the PAC. Elliot Suthers, the company’s communication director, did, however, confirm the creation of the PAC but declined to give any further details.
In the United States, PACs are used to raise funds for elections. Within an allowable limit, individuals and organizations can contribute to PACs in support of specific candidates. The formation of the Coinbase PAC with the midterm elections only a few months away might indicate that the platform wishes to take a more hands-on approach to crypto lobbying efforts in Washington.
Coinbase has a history of contributing money to the campaigns of crypto-friendly political candidates. In 2014, the cryptocurrency exchange behemoth contributed $3,000 to Bit-PAC, a Bitcoin PAC created by Dan Backer to raise funds for crypto-friendly political candidates. The funds were reportedly used to support Justin Amash and Josh Mandel. Three years later, the platform contributed $78,000 to former Obama senior staffer Brian Forde’s campaign for Congress.
Cryptocurrency Descends on Washington
2018 has seen the emergence of a greater focus by Washington on the local cryptocurrency industry. There have been numerous hearings in both houses of Congress on matters concerning the emerging asset class. Firms like Coinbase must realize the need for adequate representation in Washington to ensure that the enactment of policies that will favor the nascent industry.
In the last week, multiple House Committees have deliberated on cryptocurrency with some Congressmen espousing negative rhetoric. With the midterms only a few months away and many Congress seats being contested, it isn’t outside the realm of possibility to find crypto firms trying to support candidates that will further their interests.
The post Coinbase Inc. Forms Political Action Committee (PAC) appeared first on UNHASHED.