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Coinbase Forms Political Action Committee (PAC)

Coinbase fintech company website displayed on a modern smartphone

Political policy reporter Colin Wilhelm announced on Twitter this past Friday that popular cryptocurrency exchange platform Coinbase has formed a political action committee (PAC) in an attempt to establish further presence in Washington DC.

Political action committees are usually established to raise money for a political campaign, either to challenge legislation or support a political candidate. The PAC set up by Coinbase will likely be geared towards providing financial assistance to politicians who support cryptocurrency and thus furthering the growth of the industry in American politics and business.

San Francisco-based Coinbase filed the PAC with the Federal Election Commission on 22 July, but as yet have not raised any money for the PAC. With the U.S. midterms due in November it would seem it may be planning to have some influence in those elections.

This is not the first foray into U.S. politics by Coinbase – in 2014, the exchange donated $3,000 to cryptocurrency-positive initiative BIT PAC and last year supported California candidate Brian Forde with a $78,000 donation.

Cryptocurrency and politics have been in the news a lot lately, with two congressional debates on the future of cryptocurrency happening this past week.

In other news, Coinbase has recently partnered with Electronic Transaction Clearing (ETC) to launch a prime brokerage service called Coinbase Custody.

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