Coinbase filed to terminate its PAC in less than a year

Coinbase, a major US-based cryptocurrency exchange that has been featured on Forbes‘ Blockchain 50, filed with the Federal Election Commission (FEC) to close its PAC on 4/3/2019. Its PAC had been formed in June 2018 and became a founding member of the Blockchain Association, which many consider to be the first lobby group in D.C. to exclusively represent the interests of the blockchain industry. During its 10-month lifespan, the PAC neither raised any funds nor backed any candidates according to public filings. Coinbase‘s patent portfolio focuses on payment systems and cryptography, and unlike BlockTech and Panasonic, has no patents related to using blockchain technology for voting or other political activities.

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Major crypto exchange Coinbase filed with the Federal Election Commission (FEC) to close its PAC on 4/3/2019. Its PAC had been formed in June 2018 and became a founding member of the Blockchain Association, one of the first lobbyist groups focused on the blockchain industry. During its 10-month lifespan, the PAC neither raised any funds nor backed any candidates, according to public filings. Coinbase‘s patent portfolio is noticeably absent of voting or political patent blockchain technology. Competitors, however, including BlockTech and Panasonic, have already begun attacking that side of the crypto marketplace.