Coinbase Moves to Close Its Political Action Committee
Cryptocurrency exchange Coinbase has filed to close its political action committee (PAC) on April 3rd.
According to a filing with the Federal Election Commission (FEC) — the regulatory agency in charge of enforcing election laws — Coinbase’s PAC received no funds nor made any disbursements, and is seeking to terminate the PAC.
According to FEC regulations, a PAC must file a termination report in order to cease operations once it no longer intends to make or receive contributions or expenditures.
In the U.S., PACs are independent organizations, often representing different business, labor, or policy interests, that collect and donate money to political campaigns for or against candidates, legislation, or ballot initiatives.
As a result of the 2010 Supreme Court case of Citizens United v. FEC, PACs became the subject of some controversy and criticism, as some see them as means for corporate or union donors to put their thumbs on the electoral scale.
Coinbase formed its PAC in July of last year, and in September, it became a founding member of the Blockchain Association.