According to the documents released July 20, the company Coinbase has created its own Committee on political action (PAC).
In USA PAC are entities which collect funds for political campaigns and subsequently donating them to support candidates, legislation and other political initiatives whose goals coincide with the goals of the organizations of the PAC. PAC must be registered with the Federal election Commission.
After the case of “Citizens vs. FEC”, which was considered by the Supreme court in 2010, PAC became the subject of controversy, since some consider them a means by which corporations poured significant funds into political campaigns. During the consideration of this case was abolished provisions prohibiting corporate or Union organizations to spend their money on political campaigns.
But such organizations still cannot directly invest in campaigns of Federal candidates and therefore must rely on PAC. PAC also needs to refrain from coordinating any actions with candidates or publication of materials regarding all candidates. However, in some cases, coordination is possible. As of June 30, Coinbase was not involved in fundraising through the PAC.
Earlier, the Federal regulator, the U.S. issued Coinbase licensed broker-dealer of securities and the company is now able to offer surgery for tokens that are classified as securities.