Coinbase closes its Political Action Committee, never raised any money

23 Apr, 2019 | Updated: 23 Apr, 2019
by David Borman
Coinbase closes its Political Action Committee, never raised any money

It has been reported by Coindesk that popular exchange Coinbase has filed its intent to shut down its Political Action Committee (PAC). According to the filing, during the 10 month life of the PAC it raised no money and by extension supported no candidates.

A PAC is formed in order to raise money on behalf of a political candidate, usually who follows the ideological lines of the company. Coinbase originally opened its PAC in June of last year, but has never raised money to put into the PAC. 

There has never been any word from Coinbase as to whom it may support, and similarly it is unclear why they have filed to end it. Technically, the PAC isn't closed until the Federal Election Commission (FEC) accepts the termination, but this shouldn't be much of an issue since there is no money being taken in.

It could be debated whether crypto exchanges should be taking political sides, but it is hardly surprising. Most major companies get involved with candidates that support their industry directly or indirectly, so crypto will likely be no different.

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Read more about: Coinbase


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