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Bitcoin PAC Launches ICO to Support US Candidates

By Luke Flowers – Cryptocurrency Speculator

Coindesk reported on August 28 that BitPAC, the first-ever Bitcoin (BTC) Political Action Committee (PAC), is launching an Initial Coin Offering (ICO) to expand its candidate supporting program.

BitPAC founder, Dan Backer revealed the committee is to issue a utility token known as Politicoin. This will be used to support the PAC as well as the candidates running for public office. The committee could sell crypto native to this chain to fund their program.

Backer said the reason the upcoming Politicoin is a utility token is that it will not operate as a store of value, but rather provide token holders with some voting rights. A token with utility avoids security classification allowing the issuer to sell cryptocurrency without the approval of the SEC.

He said:

“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.”

He also said that that the PAC has its own funds, but they also want to do an ICO to grant those who donate to the PAC with one Politicoin. Providing these donors with a coin may encourage them to buy and sell cryptocurrency as they now have exposure to the technology.

Providing the holder of the coin with voting rights could prove both beneficial and negative depending on what rights they have gained. Someone looking to increase their voting power would be able to donate to the PAC to gain more or buy crypto on the chain if available on the open markets. This would allow individuals to buy voting power.

As of now, the PAC plans to support just one candidate, Dan Bishop. Bishop is a North Carolina state senator who is running for the United States House of Representatives in a special election.

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