DC veterans say money is key for crypto issues to be heard. So, they formed a PAC
October 20, 2020, 2:29PM EDT · 2 min read
Episode 42 of Season 2 of The Scoop was recorded remotely with The Block’s Frank Chaparro, Tyler Whirty and Kristin Smith of HODLPac.
Lawmakers are constantly bombarded with new issues to parse through, often resulting in other possible priorities falling to the wayside.
But Kristin Smith and Tyler Whirty — two DC veterans involved in the blockchain space — say there's a surefire way to make a voice louder: funding.
Crypto issues have been debated in Washington in the past, but usually in the context of Big Tech, such as in hearings related to Twitter or Facebook. The Libra hearings demonstrated how lawmakers view crypto, and the overall gulf of understanding in Congress.
To foster discussion about crypto issues and financially support the campaigns of lawmakers that have taken an interest, Whirty and Smith created a political action committee (PAC) called HODLpac.
HODLpac is seeking to put the benefits of crypto protocols on display, borrowing from the industry in its governance and voting structure to apportion collected funds to candidates. Though it doesn't accept donations in crypto yet, it does follow a token-based voting structure to determine who the PAC will support and how much a candidate might receive.
Its first Community Ballot will occur tomorrow, meaning those who are interested in donating and voting on candidates still can. For more information, Whirty and Smith broke down the structure and purpose of the project on this week's episode on The Scoop.
Whirty and Smith also discussed the opportunities of a blockchain-based PAC and where they see the project going, as well as:
- How a crypto-focused hybrid PAC operates and why it's needed in Washington
- The PAC's quadratic voting structure and how quadratic voting can lessen the disparity between hyper-wealthy and average donators
- The road to more decentralized governance and a grassroots base
- An inside look at the way money talks in Washington — and why a PAC or donation-based opportunity may be a faster way to get an issue on the floor
- What the different 2020 election outcomes might mean for crypto.
© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.