The U.S.-based crypto exchange Coinbase has just filed a request to cease the committee’s operations.
Coinbase submitted a request to close its political action committee (PAC) on April 3.
According to the petition filed to the Federal Election Commission (FEC), the regulator in charge of enforcing election laws, the exchange’s committee has not received any funds or made any disbursements since it was created, so it has decided to cease its operations.
However, the committee cannot unilaterally cease its operations. In order to do so, it must file a termination report to the FEC.
Coinbase's political action committee was created in July last year, so it has been "operating" for less than a year.
Why it is important
- PACs are independent organizations that attract and donate money to political campaigns.
- PACs have been widely critized since some people believe they can be used by corporate or union donors to influence on political parties.
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