2018-7-21 09:20 |
San Francisco-based cryptocurrency exchange and wallet provider Coinbase has created its own political action committee (PAC), according to documents made public today, July 20.
In the U.S., PACs are organizations that pool campaign contributions from members with similar policy and political goals and subsequently donate them to political campaigns for or against candidates, legislation, or ballot initiatives.
In Citizens United, provisions that prohibited corporate or union political expenditure in political campaigns were overturned, making it legal for such entities to spend money from their general treasuries to finance political campaigns.
Coinbase has reportedly secured a $20 billion hedge fund for its custody service.
“Coinbase Custody,” which was first revealed in late 2017, seeks to address the security concerns of institutional investors.
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