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.

Jul 21, 2018 at 3:35 a.m. UTC
Updated Sep 13, 2021 at 8:12 a.m. UTC

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

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

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

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
CoinDesk Cardano Price Index (ADX)

CoinDesk - Unknown
2
CoinDesk - Unknown
CoinDesk Smart Contract Platform Select Index (SCPX)

CoinDesk - Unknown
3
CoinDesk - Unknown
First Mover Asia: KuCoin Plans to Bolster DeFi Activity on Its Blockchain After $150M Raise; Cryptos Gain

The crypto exchange will add technical features to support developers and build on KuCoin's public blockchain; bitcoin outperforms ether.

The crypto exchange will add technical features to support developers and build on KuCoin's public blockchain; bitcoin outperforms ether.

CoinDesk - Unknown
4
CoinDesk - Unknown
CFTC Charges 2 Men With Running a $44M Crypto Ponzi Scheme

Sam Ikkurty and Ravishankar Avadhanam are accused of using YouTube videos to dupe would-be clients into investing in various crypto funds.

Sam Ikkurty and Ravishankar Avadhanam are accused of using YouTube videos to dupe would-be clients into investing in various crypto funds.

CoinDesk - Unknown