Political Action Committee (PAC) formed by Coinbase
The popular cryptocurrency exchange Coinbase has formed its own Political Action Committee (PAC). As the cryptocurrency industry is on the hunt to gain more users, Coinbase is looking forward to an increased presence in Washington DC.
The Communications Director of Coinbase, Elliot Suthers, confirmed that the exchange has launched a PAC but he declined to provide any further details at press time. This may be the first PAC formed by a renowned exchange.
The exchange has donated more than $81,000 for political causes which includes $78,000 donated to a congressional candidate named Brian Forde and the other $3,000 to BIT PAC which is a PAC that has donated to Republicans Josh Mandel and Justin Amash. Brian Forde was the former Office of Science and Technology Policy advisor to President Barack Obama.
Though the recent PAC formed by Coinbase is yet to raise money or donate any money, the news was revealed by a disclosure which was published by the U.S. Federal Election Commission.
There are reports that say that Coinbase has secured a $20 billion hedge fund for its custody service and is looking to partner with other hedge funds to offer financing in future. This is likely to catch the attention of SEC.
About Political Action Committee (PAC)
In the United States and Canada, a Political Action Committee (PAC) is an organization that pools campaign contributions from members and donates those funds to campaign for or against candidates seeking political office, ballot initiatives, or legislation. The sole purpose is to raise money to spend on US elections. The term PAC has been created in pursuit of campaign finance reform in the United States.
They may also spend their funds on independent expenditures which law defines as a “message expressly advocating the election or defeat of a clearly identified candidate that is not made in cooperation, consultation, or concert with, or at the request or suggestion of, a candidate, a candidate’s authorized committee, or their agents, or a political party or its agents.”
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