Digital currency exchange Coinbase has created a political action committee, according to reports from Reuters and a public filing with the Federal Election Commission. The FEC filing indicates that Coinbase, Inc. Political Action Committee was created in June.
In its July Quarterly filing, the San Francisco-based exchange reported that its PAC had yet to receive any contributions and had no cash on hand at the end of June. The report covered the period between June 4 and June 30.
The creation of the PAC comes amid increased regulatory scrutiny of the digital currency industry and suggests that Coinbase intends to take a more active role in trying to shape cryptocurrency policy. Political action committees are organizations that allow individuals to pool campaign contributions that can then be donated to political candidates or spent in other ways that influence elections.
The company previously donated $3,000 to BIT PAC in 2014, according to CNN. BIT PAC reportedly made contributions to U.S. Representative Justin Amash and Senator Josh Mandel. Coinbase has also donated a reported $78,000 to California Congressional candidate Brian Forde, who has indicated support for blockchain and digital currency technology.