As per a recent filing with the FEC [Federal Election Commission] – the regulatory agency answerable of implementing election laws – Coinbase’s PAC received no funds nor created any disbursements, and is seeking to terminate the PAC.
According to FEC ‘rules‘, a PAC must file a termination report so as to stop operations once it no longer intends to form or receive contributions or expenditures.
Within the United States, PACs are independent organizations, usually representing completely different business, labor, or policy interests, that collect & donate to political campaigns for or against candidates, legislation, or ballot initiatives.
After the 2010 Supreme Court case of voters United v. FEC, PACs became the topic of some arguing and criticism, as some see them as means for companies or union donors to place their ‘thumbs‘ on the electoral scale. PACs are impermissible from coordinating directly with the campaigns they support, however in some cases, coordination has ‘occurred‘.
Earlier in July last year, Coinbase ‘formed‘ its PAC and later in Sept., it ‘became‘ a foundation member of the Blockchain Association. The Blockchain Association is supposedly the primary lobby cluster within Washington D.C. to completely represent the interests of the ‘blockchain‘ businesses. Alternative members of the lobby cluster embrace technology startup namely Protocol Labs, along with the Digital Currency Group & Polychain Capital.