A Political Action Committee (PAC) called Bit PAC is launching an ICO to support the election campaigns of American candidates for public office.
PACs are legally recognised committees in the US that raise funds to make donations to support candidates’ election campaigns. Bit PAC is one of these committees and has decided to issue a utility token through an Initial Coin Offering (ICO).
The founder of the group, Dan Backer, said that
“anyone who donates to [the PAC] as of [Friday] can get one politicoin“.
Politicoin is a utility token created by Bit PAC that allows people to engage in political projects in support of pro-cryptocurrency policies. These tokens will be distributed to verified contributors and used to vote on Bit PAC’s political activities.
In this way, Politicoin owners will be able to use their tokens to vote for candidates, to support or oppose the spending initiatives of the PAC or of candidates who will receive contributions from the PAC itself.
The Politicoin tokens will have no market value, and will only be used to have the right to vote on the Bit PAC platform.
“It’s a utility token, not a thing of value. I don’t care if people want to buy, sell trade their token, if an exchange wants to list it that’s [fantastic]. We have some larger scale, grand or long-term plans but we have to start [somewhere]”.
The first tests will start on Friday and will cover the campaign of candidate Dan Bishop, former Senator of the State of North Carolina, currently running for the US House of Representatives.
Bit PAC was born in 2014 to collect bitcoin donations for the election campaigns of American politicians. The initiative was unsuccessful, to the extent that the PAC was closed. However, it was reopened in 2018, with the specific objective of supporting candidates favourable to the development of the crypto sector.
For example, regarding Senator Bishop’s campaign, Backer said:
“Bishop is demonstrably in support of crypto, so it’s worth getting behind him. We’re not going to have to guess where he is on the issue”.
In the past, Bishop had already supported a bill aiming to update the law regarding money transfers in order to better account for virtual currency activities.
In any case, the Bit PAC only raises funds for Bishop, without coordinating his electoral campaign.