A crypto-focused political action committee is planning to push for public policies that will benefit the crypto industry. Its mission is to support crypto networks like Bitcoin and Ethereum as “the next frontier of humanity’s digital evolution”.
James Cooper, Law professor at California Western School of Law in San Diego, says the political action committee is taking a community-driven approach to support politicians who can push for reforms in the crypto space.
The grassroots organization is ranking politicians based on how crypto-friendly their platforms are. The committee is also planning to use a system through which people can vote on their favorite proposals.
Contributors who donate a dollar to HODLpac receive the equivalent number of HODLvotes. Through “quadratic voting”, a collective decision-making procedure, donors can express the degree of their preferences and also direct where funds go.
The system also ensures that those who give larger amounts do not wield too much influence over the direction of the funds.
Founding donors include crypto exchange pioneers Brian Armstrong, the chief executive officer of Coinbase, and Cameron Winklevoss and Tyler Winklevoss, the Gemini co-founders, along with support from Jake Chervinksy, general counsel at Compound, who will serve on the HODLpac board.
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