Crypto-Focused PAC Gets Support of Major Crypto Players
HODLpac Registers As Hybrid PAC
According to an announcement, on March 23, 2020, HOLDpac has registered itself with Federal Election Commission (FEC) as a hybrid PAC and currently, it has the contribution of more than $20,000. The report further states that the donors include the CEO of Coinbase Brian Armstrong and Gemini’s Cameron and Tyler Winklevoss. Along with Kristin Smith of the blockchain association, many of the other veterans from political and crypto spheres are the part of HODLpac board.
Vote For Candidates Using Tokes
The associate of Takoma Group, Tyler Whirty, is the founder of PAC. The report suggests that he needed a more decentralized approach that would enable the Americans, who would be the donors, to vote on the candidates using cryptos.
While explaining the voting mechanism, Whirty said, “Each person would be able to use Ethereum-based tokens to receive a certain number of HODLvotes for every donation they make”.
He further explained that as soon as the voting gets started, for each dollar the donors would get one HODLvote. These votes could be further used to support the congressional candidate if the donor buys a Donation Points. Later, the sum of these Donation Points would be used to find the funds received by the candidate.
Whirty in a statement mentioned that this new decentralized approach would not only tell the total received funds but also allow the voters to explain, how they feel about different candidates and what is their (voters) degree of preference for each candidate. Presently, the PAC is not accepting any more funds but Whirty is planning to change it too.
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