Coinbase makes a political move with Political Action Committee [PAC]

Coinbase, one of the leading cryptocurrency exchange platforms around the globe has formed a Political Action Committee [PAC]. According to Federal Election Commission, Coinbase filed for the formation of PAC on 10th July 2018.

Colin Wilhelm had posted that there would be an announcement on 20th July 2018. Today, Colin announced that Coinbase formed a PAC.

Wilhelm said:

“SCOOP: @Coinbase has formed a political action committee as part of a push to increase its presence in DC.”

Coinbase Political Action Committee || Federal Election Commission

Coinbase Political Action Committee || Source: Federal Election Commission

A Political Action Committee [PAC] is an organization whose members pool money or funds to campaign for or against candidates, initiatives, legislation, and ballots for federal elections. In order to be considered a PAC, an organization has to first spend or receive more than $1000 to influence the Federal election along with registering itself to the election commission.

The exchange platform has become the first ever cryptocurrency platform to form a PAC. The formation is considered one of the biggest steps taken by a cryptocurrency firm which positively contributes to the community. Coinbase is considered as a non-multi candidate committee. This would mean that Coinbase can only provide financial support for the administration and fundraising of the Federal Election campaign. According to the document, the biggest exchange platform had not raised any money until 30th June 2018.

Coinbase records up until 30th June 2018 || Source: Federal Election Commission

Coinbase records up until 30th June 2018 || Source: Federal Election Commission

Trump Draws Trance, a Twitterati says:

“While I don’t like #pac in general, this is a huge positive for #crypto #cryptocurrency #DigitalAssets. The more people like exchange reps can get in front of lawmakers, the better. Face time is critically important during this pivotal time for the sector.”

Omnologist, a Redditor says:

“Time to beat them in their game!”

Percy, a crypto-enthusiast says:

“Crypto is taking over the world one step at a time. This could bring about a huge change in the future. It’s time everyone gets on board.”

Although this is not the first time cryptocurrencies have been involved in the Federal Elections, it is still one of the most significant moves from a popular cryptocurrency organization. Brian Forde, White House Senior Advisor under Barack Obama’s Presidency accepted Bitcoin [BTC] contributions. Forde accepted $106,923 from Bitcoin donors while he was running for the U.S House of Representatives for the California District.

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