The major cryptocurrency exchange Coinbase recently formed a Political Action Committee (PAC). The news came from a set of government documents that was published Friday night.
The disclosure published by the US Federal Election Commission revealed that the exchange officially created the “Coinbase, Inc. Political Action Committee” in June 2018, even though it has yet to raise or donate money.
The form in it labeled as a “Report of Receipts and Disbursements For Other Than An Authorized Committee” basically means that PAC is not currently attached to any candidates running for public office.
Currently, the document listed a reporting period that will last from June 4th to June 30th.
Meanwhile, PACs are formed in order to raise funds on behalf of candidates running for public office. They represent specific businesses or ideological interests, according to the Center for Responsive Politics – which is a transparency group which tracks money in politics.
The director of communications at Coinbase, Elliot Suthers, confirmed the news about the exchange launching a PAC – but did not provide further details at press time.
Even though this is the first PAC formed by Coinbase, the major exchange has already donated more than $81,000 for political causes, according to CNN’s reports.
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