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).