One of the world’s most popular cryptocurrency exchanges, San Francisco-based Coinbase, is making a powerful move to increase its influence in Washington, DC and use it to further its ambitious growth strategy.

Following news that Coinbase had been approved to make three acquisitions that would allow it to become a regulated securities broker-dealer – an announcement which Coinbase later retracted – Politico is reporting that Coinbase has filed to form its own political action committee. CNN later confirmed the report via a Federal Election Commission filing.

Political action committees like the one Coinbase has formed, are entities that raise money to support political elections and candidates who share similar ideologies. However, the financial support raised can be a powerful lobbying tool that will allow Coinbase to put additional pressure on potential political candidates to pave the way for regulation of the cryptocurrency industry and financial sector policy to better align with Coinbase’s business objectives.

Such influence may be necessary, as recent US committee hearings focused on cryptocurrency caused an uproar in the crypto community when Representative Brad Sherman told the Financial Services Committee he wanted to prohibit American citizens from buying or mining cryptocurrencies. Later, it was uncovered that the politician’s largest campaign donor was a credit card processing company, proving the type of power and influence a political action committee can have.

As of June 30, Coinbase’s newly formed PAC has not yet raised any money, according to the Federal Election Commission filing.

Coinbase will use any leverage it gains to fuel its continued momentum. After reaching $1 billion in revenue in 2017 during Bitcoin’s bull run, Coinbase has used the bear market to build the infrastructure needed to support the next bull market. These preparations include seeking a federal banking license, making a number of acquisitions, becoming a securities broker-dealer, launching a custody product for institutional investors, listing new coins, and even expanding into Japan.