PAC Launches ‘ICO’ to Fundraise for U.S. House Candidate

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A political group in the U.S. has launched an initial coin offering to raise money for a candidate running for public office.

Political action committee BitPAC is backing North Carolina senator Dan Bishop in the race for the U.S. House of Representatives.

The Republican senator, best known for sponsoring the controversial “bathroom bill” in North Carolina, is contesting a special election in September for the state’s 9th Congressional District.

BitPAC founder Dan Backer announced that the ICO tokens, dubbed “politicoin,” would give donees the ability to exercise voting rights over the political direction of the PAC in future.

“BitPAC has its own funds but we’re also doing an initial coin offering. Anyone who donates to (the PAC) as of (Friday) can get one politicoin.”

Discussing the structure of the ICO, Backer said the politicoin was a utility token only, and was not designed to hold intrinsic monetary value.

“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).”

While the initial funding will support Bishop’s electoral campaign, Backer said his vision for the platform could see support for any candidate, Republican or Democrat, in future elections.

“I think it’s important we demonstrate there’s a level of political maturity here ... I think it’s going to be interesting to see. Win or lose, we’re going to learn a lot about this process.”

According to Backer, Bishop won the support of the PAC on account of his long support for the crypto sector.

“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.

“If you want to support cryptocurrency, you’re not going to do it educating the electorate on cryptocurrency ... They care about what they care about.”

The ICO will no doubt be watched closely across the political spectrum, the latest bid to use cryptocurrency for political fundraising.