Coinbase forms Political Action Committee

Coinbase launched a Political Action Committee (PAC) in June, a disclosure published by the US Federal Election Commission reveals.

PACs are groups which raise money to spend on US elections. In this case, no cash has thus far been raised or donated and the PAC is not currently attached to any candidate running for public office. Coinbase did not immediately respond to a request for comment.

The news was first reported by Politico’s Colin Wilhelm and then confirmed by CNN via a Federal Election Commission filing made public on Friday. Last year, Coinbase directly contributed more than $78,000 to the campaign of Brian Forde, a senior advisor in the Obama administration’s Office of Science and Technology who is running for California’s 45th Congressional district. In 2014, the company also stumped up $3,000 to a PAC called BIT PAC.