Coinbase Creates Second PAC For Crypto Candidates

Coinbase is one of the biggest exchange platforms in the market right now. A few years ago it made its own PAC (Political Action Committee) in the previous election to raise funds and support cryptocurrency. It’s doing the same thing right now but this time it’s a little bit ahead for the 2022 midterm elections.

Coinbase Creates a Second PAC

Breaking news as the crypto exchange platform Coinbase has made a move for the 2022 election. The exchange platform has filed for a PAC that aims to support crypto-friendly lawmakers.

Coinbase’s CFO Alesia Haas as well as Kara Calvert (Head of US Policy) has registered Coinbase for a PAC, with the name Coinbase Innovation PAC on Feb 7. This PAC will likely be there to support and provide funding for designated representatives in Congress. 

To give context, PAC or political action committees are organizations or groups whose sole purpose is to raise funds and elect candidates that support their views and cause. Coinbase being a pro-crypto organization is likely looking for crypto-forward candidates for the election so that they can push positive cryptocurrency laws in the future.

This isn’t the first time that Coinbase created a PAC. It attempted its first PAC back in 2018 in the previous election but it failed to state that it did not receive any funds to support its cause. This was back then when people were looking down on cryptocurrencies with doubtful eyes. 

Although Coinbase tried to avoid getting mixed up with U.S politics, the company still made a few moves in the previous year implying that they are concerned about the anti-cryptocurrency lawmakers who are about to enter the office. Coinbase formed the Crypto Council for Innovation last year in April to help sway the favor of these lawmakers and regulators. A report for Politico states that Coinbase spent roughly around $1.5 million for lobbying last year. 

When interviewed by Politico, Coinbase commented that they intend to support pro-crypto lawmakers along with their way of thinking and mission. They believe that these lawmakers can help advance the economic freedom of the American people. 

The creation of this new PAC is a little early and it comes less than nine months before the alleged election day of the United States on November 8. Cointelegraph reports that pro-crypto candidate Aariak Rhodes is planning to unseat the Californian representative Brad Sherman who is well known for his stance on banning digital assets. 

When talking about US politics, cryptocurrency isn’t the prime agenda that US voters are looking out for. Morgan Harper is running for two US senators’ seats to replace Senator Rob Portman who is pro-crypto. Portman advocated for crypto clarity in which Harper plans to learn more about cryptocurrency if Portman gets replaced. 

Conclusion

Cryptocurrency news is getting steamy and with how bloody and dramatic the US elections have been the past couple of years it is only going to get bloodier. Hopefully, this second PAC will be more successful than its predecessor and support more pro-crypto lawmakers.

* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.