On April 3, digital currency exchange Coinbase reportedly filed a termination report to Federal Election Commission (FEC) to shut down its Political Action Committee (PAC).
Originally established in June 2018, Coinbase’s PAC objectives are to raise money and then support specific political candidates, usually whose ideologies are in line with the company’s. However, according to the filing, the committee has not raised any fund nor support any campaign during its 10 months in operation.
As explained by FEC, when a committee no longer intends to receive funds or make expenditures, it can file to cease its operations. However, it is not until FEC accepts its termination report that a PAC is officially shut down.
After the Supreme Court case of Citizens United v. FEC in 2010, PACs received many critics for being perceived as a tool for corporation or union donors to manipulate electoral results. Though PACs are not allowed to work directly with the campaigns they support, in fact, there was some coordination being reported.
In September last year, Coinbase PAC became one of the original members of the first lobby group in Washington D.C. The group named Blockchain Association includes technology startup Protocol Labs, as well as the Digital Currency Group and Polychain Capital, which aims to particularly speak for the interests of the blockchain industry.