What’s Going On?
Cryptocurrency exchange platform Coinbase has launched a political action committee (PAC), the latest in a series of steps by crypto companies to engage with US policymakers.
Why Does It Matter?
PACs are US organisations that pool campaign contributions from members with similar policy and political goals and donate them to political campaigns that will benefit contributors and their industries, explained Cointelgraph. PACs must register with the US Federal Election Commission.
Is This Something New?
No, Coinbase has a history of contributing money to the campaigns of crypto-friendly political candidates, said Unhashed, having contributed $3,000 to crypto-friendly Bit-PAC in 2014.
News of the new Coinbase PAC was confirmed via a Federal Election Commission (FEC) filing made public on July 21st, reported Unhashed. According to the FEC filing, the Coinbase PAC hadn’t raised any funds as of the end of June.
In May, Coinbase said it would revamp its trading technology and create a new suite of services to attract more institutional investors, including hedge funds and high-frequency trading firms, reported Reuters.