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Coinbase has set up a second PAC to help crypto-friendly candidates

The PAC was registered in July 2018 but closed the following year after stating that it had received no funds or disbursed any funds.

Coinbase, a cryptocurrency exchange, has reportedly set up a political action committee to assist “crypto-forward politicians” in the United States’ midterm elections in 2022.

Chief financial officer Alesia Haas and head of U.S. policy Kara Calvert have set up the Coinbase Innovation PAC, according to an FEC filing dated February 7th, 2019. Legislators are expected to require the lobbyist/registrant PAC to disclose its financial information.

In the run-up to the November midterm elections, political action committees, or PACs, are groups that raise money to support candidates who advocate for issues similar to Coinbase’s own. However, after claiming that it had neither received any cash or made any payouts, the exchange shut down its first PAC in July of 2019.

If anti-crypto legislators continue to hold office, Coinbase made several moves in 2021 that indicated it was concerned about the potential impact on the cryptocurrency industry. By forming the Crypto Council for Innovation in April 2021, the exchange and Square — now Block — hoped to improve communication with authorities and lawmakers about cryptocurrencies. Coinbase also spent $1.5 million on lobbying in 2021, according to Politico, with disclosure reports suggesting that the exchange spent about half of that amount in the fourth quarter.

“We believe the bi-partisan potential is clear and we intend to support crypto-forward lawmakers who align with our mission to advance economic freedom for all Americans,” said a Coinbase spokesperson, according to Politico.

Nine months before November 8th, 2014, when control of both houses of Congress and the Senate is virtually up for grabs in the United States, the PAC was formed. Aarika Rhodes, a pro-crypto candidate, was reported by Cointelegraph in November to be running against California Representative Brad Sherman, who had previously called for a ban on cryptocurrency.

However, it appears that crypto isn’t the only concern on the minds of American voters when they go to the polls. Senator Rob Portman, an outspoken supporter of cryptocurrency, is stepping down, and Morgan Harper is vying to fill his vacancy. With regard to the crypto industry’s regulations, Portman has urged for greater clarity. Harper has also stated that she intends to “learn” about cryptocurrencies in the coming months.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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