Political action committee BitPAC launching ICO to support US House candidates

BitPAC, a political action committee (PAC), is conducting an initial coin offering (ICO) to support candidates for public office.

The committee will issue “politicoin” tokens, Dan Backer, founder of BitPAC, told CoinDesk in a report published on Wednesday.

“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],” Backer was quoted as saying.

To start with, BitPAC plans to support a single candidate - Dan Bishop, a North Carolina state senator running for the U.S. House of Representatives in a special election. Looking ahead, BitPAC plans to build a platform where voters can support any registered candidate from both Republican and Democratic parties, per the report.

Last month, supporters of 2020 Presidential candidate Andrew Yang launched a super PAC to accept bitcoin donations. Yang is also in favor of blockchain voting and has previously called for "clear guidelines” on cryptocurrencies.