A disclosure published by the U.S. Federal Election Commission revealed that the exchange formed the "Coinbase, Inc. Political Action Committee" in June 2018, though it has yet to raise or donate any money. The Form 3x – a "Report of Receipts and Disbursements For Other Than An Authorized Committee" – means the PAC is not currently attached to any candidate running for public office.
The document listed a reporting period from June 4 to June 30.
PACs are formed in the U.S. primarily to raise funds on behalf of candidates running for public office, usually representing specific business or ideological interests, according to the Center for Responsive Politics, a financial transparency group which tracks money in politics.