Crypto Exchange Coinbase Forms Political Action Committee

Coinbase formed a Political Action Committee, though it is unclear which candidates it plans to support at this time.

AccessTimeIconJul 21, 2018 at 3:35 a.m. UTC
Updated Sep 13, 2021 at 8:12 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Cryptocurrency exchange Coinbase has formed a Political Action Committee (PAC), according to government documents published Friday night.

A disclosure published by the U.S. Federal Election Commission revealed that the exchange formed the "Coinbase, Inc. Political Action Committee" in June 2018, though it has yet to raise or donate any money. The Form 3x – a "Report of Receipts and Disbursements For Other Than An Authorized Committee" – means the PAC is not currently attached to any candidate running for public office.

The document listed a reporting period from June 4 to June 30.

are formed in the U.S. primarily to raise funds on behalf of candidates running for public office, usually representing specific business or ideological interests, according to the Center for Responsive Politics, a financial transparency group which tracks money in politics.

Coinbase communications director Elliot Suthers confirmed that the exchange has launched a PAC, though he declined to provide further details at press time.

While this may be the first PAC formed by a crypto organization, the exchange itself has already donated more than $81,000 for political causes, CNN reported Friday. Coinbase donated $78,000 to Brian Forde, a Congressional candidate and former Office of Science and Technology Policy advisor to President Barack Obama.

The other $3,000 went to BIT PAC, a PAC which has apparently donated to Republicans Justin Amash and Josh Mandel.

app image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.