A political Action Committee in the United States is an independent organisation that is responsible for representing various businesses in terms of interests in policy, and they are allowed to collect and distribute money to political parties they support, or to help pass legislation.
The Coinbase PAC didn’t receive or send any funds during its short 9 months of operation
The filing has been done through the Federal Election Commission (FEC), which is the main regulatory agency charged with enforcing election laws.
During its period of activity, the Coinbase PAC didn’t receive or send any funds, and is now looking to disband the committee.
Due to regulations, any operating PAC must file a report so that it can cease all operations.
In 2010, the case of Citizens United vs FEC in the US Supreme Court began the controversy of political action committees, as many see them as a way for businesses and large firms to influence political decisions across the country.
Law states that PACs aren’t allowed to influence political parties or collaborate in any way
The PACs aren’t allowed to organise or collaborate with the political parties they represent directly, as this would constitute corporate interference in political functioning – however collaboration has indeed occurred in the past.
The Coinbase Political Action Committee was a founding member of the Blockchain Association
The Coinbase PAC was created in July 2018, and has only been active for 9 months. The PAC also became one of the Blockchain Association’s founding groups in September of that year.
The Blockchain Association, supported by the Coinbase PAC, was the first lobby group in the Washington DC arena to represent the blockchain industry. Other Blockchain Association members are Digital Currency Group, Polychain Capital, and Protocol Labs.
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