Coinbase is moving to shut down its political action committee (PAC) without ever raising a cent.
The San Francisco-based crypto exchange filed a Termination Report for its PAC on April 3, 2019, according to publicly available documents on the Federal Election Commission's website (FEC). The move means that the exchange wants to shut down its PAC, though it was not immediately clear if the committee had actually been shut down.
A Coinbase spokesperson confirmed that the exchange had filed to shut down its PAC, but could not say if the FEC has granted the request yet.
Brian Brooks, who joined Coinbase as chief legal officer in September, was the likely candidate to have taken over the PAC following Lempres' departure.
According to the FEC's website, a committee can file to terminate its operations if "it no longer receives (or intends to receive) contributions," or if "it no longer makes (or intends to make) expenditures."
That said, a committee is required to continue regularly filing disclosure reports until the FEC accepts the termination report, the site explained, adding:
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