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Cryptocurrency exchange Coinbase to dissolve its Political Action Comittee


Major United States-based cryptocurrency exchange Coinbase has filed to close its political action committee (PAC) on April 3.

Cryptocurrency exchange Coinbase has recently filed to dissolve it political action comittee. Per the filing with  Federal Election Commission (FEC) — the regulatory agency in charge of enforcing election laws, Coinbase’s committee didn’t recieve any funds or any sort of disbursements. Thus, the decision has been taken to terminate the PAC.

As per FEC regulations, the committe is eligible to file a termination report to cease operations, when it no longer either intends to recieve contributions or expenditures.

In the U.S., PACs are autonomous organizations. They often represent different business, labor, or policy interests, that collect and donate money to political campaigns.

Following the 2010 Supreme Court case of Citizens United v. FEC, PACs came under the radard and became the subject of some controversy and criticism. This was because some see them as means for corporate or union donors to put their thumbs on the electoral scale. Henceforth, PACs were  forbidden from coordinating directly with the campaigns they support. However, in some cases, coordination has occured.

Coinbase formed its PAC in July of last year, and in September, it became a founding member of the Blockchain Association. The Blockchain Association is the first lobby group in Washington D.C. to exclusively represent the interests of the blockchain industry. Other members of the lobby group include technology startup Protocol Labs, as well as the Digital Currency Group and Polychain Capital.

In another news reported by CoinMarketFeed, Coinbase recently launched Coinbase card. The card will enable United kingdom customers to pay in-store and online with cryptocurrency. The card has been issued by Paysafe Financial Services. Coinbase will reportedly add support for other European countries in the near term.

The Coinbase Card is a Visa debit card powered by customers’ Coinbase account crypto balances, which allows them to make purchases with digital currencies worldwide. The card will immediately turn crypto funds into fiat currency, this will make for complete order purchase.

Also, in early February, Coinbase Pro, the advanced offering of crypto trading platform and wallet service for Coinbase announced support for Ripple’s XRP token. Full trading for the digital asset has been made available to customers in U.S, Canada, United Kingdom, Singapore, Australia. The exchange may expand its services to other countries later.

Also,in early March Coinbase recently partnered with internet-based lending firm SoFi for providing cryptocurrency investment service. Coinbase’s management will support SoFi in launching a platform which will allow traders to keep tab of crypto prices in real time and also purchase and sell coins.