Coinbase continues to make unique strides, and the latest is perhaps one of the most unique.
The crypto exchange has formed a political action committee (PAC) to raise money to spend on U.S. elections. The filing was made to the U.S. Federal Election Committee and was made public Friday.
According to the filing, the Coinbase PAC hadn’t raised any money as of June 30, but that will likely change very soon.
Positioning the crypto space
As you likely know, the main reasons to create a PAC are to raise money for a particular person running for office, or for a particular cause. Dollars raised can even be used to campaign against someone.
The raise can also be used to promote legislation.
In the case of Coinbase, it would seem likely that its PAC would be used to facilitate donations to candidates who are in favor of, or could help promote the crypto space in some fashion or another.
On that same note, the raise could be used to promote legislation, or regulations, related to the space. It could be a combination.
The PAC’s formation comes as the U.S. is gearing up for key elections. This includes the 2018 midterms, which will be held in November. The midterm elections will determine many Congressional seats.
Then there’s the 2020 general elections in which the next president will be decided.
At this point, the U.S. still does not have any hard and fast rules when it comes to cryptos. Congress continues to grapple with what laws should be put in place when it comes to the space.
We’ll keep you posted about how much money Coinbase is able to raise through its PAC, and who, or what, causes it chooses to support.