03:31 GMT +321 September 2019
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    Crypto Helping Hand: Coinbase Officially Enters Politics Ahead of US Elections

    CC BY 2.0 / Jon Russell / Coinbase
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    Having contributed funds to an independent political action committee (PAC) back in 2014, this time the major US wallet provider and exchange is coming up with its own entity to effectively lobby for its candidate.

    San-Francisco-based major cryptocurrency exchange Coinbase has built its own political action committee (PAC), according to documents now made public.

    PACs are groups formed for the purpose of raising funds to spend on US elections. US PACs, stipulated to be registered with the Federal Election Commission, are typically in charge of pooling campaign contributions from member participants pursuing similar political goals and further donating them to campaigners for or against candidates and certain initiatives. 

    The news comes as the US is readying for midterm elections slated for November.

    In the meantime, last year’s financial disclosures, cited by CNN Money, show Coinbase injecting around $78,000 to the campaign of Brian Forde, a former senior adviser in the Obama administration's Office of Science and Technology, who is running for California's 45th Congressional district. Separately, in 2014, Coinbase also reportedly contributed about $3,000 in funds to a PAC called BIT PAC.

    Business Insider earlier reported that Coinbase had secured a whopping $20 billion hedge fund for its custody service, set up for high-profile institutional investors, in early July and secured it in collaboration with independent broker Electronic Transaction Clearing (ETC), operating in line with the US Securities and Exchange Commission (SEC).

    READ MORE: Facebook Partly Reverses Ban on Cryptocurrency Ads Amid Rumors of Coinbase Ties


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