The major cryptocurrency exchange of United States, Coinbase had put forward the request to wind up its political action committee (PAC) on 3rd April. FEC stands for Federal Election Commission. It is the United States-based regulatory firm which ensures that the companies perform within the financial laws of the state. As per the reports published on the website of Federal Election Commission, Coinbase had expressed its request to wind up its PAC however it is yet to be cleared whether Coinbase PAC has been closed or not.
Coinbase is a U.S-based cryptocurrency exchange which was established in June 2012. The firm has its headquarters located in San Francisco, California. The exchange deals in Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic and Litecoin (LTC).
The motive behind the emergence of Political Action Committee (PAC) is to add to the firm’s capital but for about 10 months the committee was neither able to back funds for the concern nor it paid for any expenditure.
The PAC was established in July 2018 and was operated under the guidance of Mike Lempres, the former chief policy officer at Coinbase. He left the organization to join firm Andreessen Horowitz. And after that, Brian Brooks joined as the chief legal officer in September 2018. The political action committees have been slammed since after the case between Citizens United and Federal Election Commission (FEC) held in the Supreme Court in the year 2010.
In September 2018, Coinbase managed to become one of the founding members of Blockchain Association. The Association is the first lobby group representing the interests of the blockchain ecosphere. Protocol Labs, Polychain Capital, and Digital Currency Group are also a member of the Blockchain Association.