Coinbase is entering political lobbying after a filing with the Federal Election Commission published on Friday shows Coinbase has formed a Political Action Committee (PAC).
They have not yet raised any funds as of June 30th 2018, but the PAC will now allow them to pool campaign contributions, donating funds to campaigns for or against candidates.
They can give only $5,000 to a candidate and $15,000 to a political party, but can spend an unlimited amount on a campaign independently of a candidate or political party.
With this being the first such action in this space following increased regulatory scrutiny by government agencies and now congress.
Specifically, Congresman Brad Sherman angered many in the crypto industry for suggesting cryptocurrencies should be outright banned.
He is up for elections this November with a twitter hashtag formed to try and unseat him from his representative position which he has occupied since the 90s.
The PAC might allow for co-ordination and a more efficient political organization in a move that indicates the crypto space is now starting to flex its muscles.