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Coinbase forms political action committee



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Coinbase, the popular cryptocurrency exchange, formed its own political action committee.

It's a sign that Coinbase in Washington DC is swinging for more influence, while the crypto industry seems to be gaining more users.

The message was previously reported by Politico Colin Wilhelm and was endorsed by CNN via a Federal Election Commission, which was released on Friday. Coinbase did not respond immediately to a request for comment.

Political Action Committees (PACs) are groups formed solely for the purpose of raising money for US elections.

Related: Malta Wants To Be "Blockchain Island"

Coinbase's newly formed PAC had not raised any funds as of June 30th.

Earlier financial disclosure documents show that Coinbase directly contributed more than $ 78,000 in 2017 to the campaign of Brian Forde, a former Obama administration senior science and technology adviser who is running for the 45th congressional district of California. In 2014 Coinbase also gave $ 3,000 to a PAC called BIT PAC.

Cryptocurrencies – such as Bitcoin and Ethereum – are supported by a technology called Blockchain, which allows transactions to be made quickly between people without interference or third-party control. It promises to improve security and reduce transaction costs.

But while cryptocurrencies have stubborn fans and a growing user base, they still have a mass succession to gain. Lack of regulation, hacker scandals, wild price volatility and crypto histories used for illegal operations have prevented many from entering the market.

Related: Robinhood Expands Crypto Offers

Digital currencies have moved largely into a regulatory vacuum since Bitcoin's debut in 2009. But governments and central banks are starting to get more attentive and warning investors about possible frauds.

In December, the US Securities and Exchange Commission and the Federal Bureau of Investigation began investigating alleged fund-raising fraud by some crypto-currency companies and traders.

In Asia, where the cryptocurrency is particularly popular, China and South Korea have broken through the crypto-currency trade. Concerns over new restrictions and rumors of a possible ban in India have fueled the volatility of digital currency prices.

– Zahraa Alkhalisi and Talib Visram contributed to the coverage.

CNNMoney (New York) First published July 20, 2018: 7:24 pm ET


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