Coinbase, the renowned crypto exchange platform, has registered for a political action committee (PAC), presumably to promote “crypto-forward lawmakers” amid the United States’ 2022 midterm election preparations.
The company’s chief financial officer (FOC), Alesia Haas and head of U.S. policy Kara Calvert registered the Coinbase Innovation PAC with the U.S. Federal Election Commission on February 7. The lobbyist/registrant PAC seems to be obliged to provide financial disclosures to designated congressional representatives.
Coinbase is expected to support crypto-friendly candidates
Political action committees, or PACs, are groups that fundraise to elect candidates who support similar causes, hinting that Coinbase is trying to help crypto-supportive candidates before the November federal and state elections. The exchange launched its first PAC in July 2018. However, it was shut down in 2019 after having no funds or expenditures.
Coinbase, which wants to become the AWS of crypto, made a number of moves in 2021, indicating that it was concerned about the potential influence of anti-crypto lawmakers who hold office, although not forming a PAC to become engaged in U.S. politics. In April 2021, the exchange created the Crypto Council for Innovation with Square — now Block — in order to better enable a dialogue with regulators on crypto. Coinbase also spent $1.5 million on lobbying last year, according to Politico, with disclosure reports showing the exchange spent around 50% of that amount in the Q4 alone.
In September, Coinbase was reportedly looking for a political expert to handle relations with the policymakers in Washington.
However, it appears that crypto is not the only subject on which many American voters vote in elections. Morgan Harper is running for one of Ohio’s two Senate seats, hoping to succeed retiring pro-crypto Senator Rob Portman. Portman has campaigned for regulatory clarity in the crypto field during his term in government. Harper has also stated that she will be in “learning mode” when it comes to cryptocurrencies.