U.S. crypto exchange Coibnase has filed to close down its political action committee.
According to a filing with the Federal Election Commission (FEC) — the regulatory agency in charge of enforcing election laws — Coinbase’s PAC received no funds nor made any disbursements, and is seeking to terminate the PAC.
Per FEC regulations, a PAC must file a termination report in order to cease operations once it no longer intends to make or receive contributions or expenditures.
In the U.S., PACs are independent organizations, often representing different business, labor, or policy interests, that collect and donate money to political campaigns for or against candidates, legislation, or ballot initiatives.
Following the 2010 Supreme Court case of Citizens United v. FEC, PACs became the subject of some controversy and criticism, as some see them as means for corporate or union donors to put their thumbs on the electoral scale. PACs are forbidden from coordinating directly with the campaigns they support, but in some cases, coordination has occurred.
Coinbase formed its PAC in July of last year, and in September, it became a founding member of the Blockchain Association. The Blockchain Association is purportedly the first lobby group in Washington D.C. to exclusively represent the interests of the blockchain industry. Other members of the lobby group include technology startup Protocol Labs, as well as the Digital Currency Group and Polychain Capital.