Crypto Exchange Coinbase Shuts Down Political Action Committee

News | April 23, 2019 By:

Cryptocurrency exchange Coinbase is shutting down its political action committee (PAC).

In June 2018, Coinbase created its own political action committee to raise funds and support election candidates in the US. Coinbase’s PAC was run by former chief policy officer Mike Lempres, who left the exchange last year to join venture capital firm Andreessen Horowitz.

According to a recent Termination Report filing with the Federal Election Commission (FEC), Coinbase’s PAC did not raise any funds, supported no candidates and is seeking to terminate the PAC.

Under FEC regulations, a PAC can file a termination report when their committee no longer receives (or intends to receive) contributions and no longer makes (or intends to make) expenditures. However, if a committee is involved in a FEC enforcement action, audit or litigation, it cannot terminate. The committee must file regularly until that matter is resolved.

“Committees shouldn’t stop filing just because they checked the “Termination Report” box on their regular campaign finance disclosure form,” the FEC said. “Committees must file regularly scheduled reports until the Commission notifies them in writing that it has granted their request to terminate.”