Coinbase Forms Political Action Committee

Coinbase Forms Political Action Committee

According to a filing by the United States Federal Election Commission (FEC), one of US biggest cryptocurrency exchange Coinbase has formed a political action committee (PAC). They are created to donate to election candidates whose policies or ideological viewpoints are similar with PAC members.

Base on American federal law, an organization, is listed as a PAC if it accumulates donations worth more than $1,000 from its members. These donations are than channels into campaign funds with the intention of influencing an electoral process.

Creating the PAC will benefit Coinbase because it would allow the company to have some political influence in the US, and also access candidates that have a substantial effect on financial regulatory policy. Coinbase forming the PAC is a score for the crypto community because currently there is not a lot of US politician that support cryptocurrency.