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 leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups 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, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.