Gemini’s Winklevoss Twins, Coinbase CEO Among Founding Donors Of Crypto Lobbyist Group
- Gemini founders, the Winklevoss twins, Coinbase CEO, Brian Armstrong and other top crypto personalities join in the HODL Political Action Committee (PAC)
- HODL PAC lobbies for crypto in Congress alongside helping crypto/blockchain friendly senators into the house.
HODL PAC, founded by Tyler Whirty of VC firm, the Takoma Group, has since raised over $20,000 USD from various investors within and without the crypto community. The PAC hopes to bring change in congressional laws regarding crypto and blockchain by helping electing crypto minded leaders. The HODL committee aims to raise cash from the public and offer a token voting platform to select the preferred candidate that the voter wishes to donate to. The official report reads,
“The time is now to set policy that allows the decentralized economy to thrive and enables Americans to lead this revolution. We want to support the candidates that support that vision of the future.”
HODL PAC receives massive support from crypto
HODL PAC has received support from some of the biggest names in crypto including Tyler and Cameron Winklevoss, founders of the Gemini exchange and Coinbase CEO, Brian Armstrong. Other founding donors to the lobbying group include Olaf Carlson-Wee, chief investment officer at Polychain Capital; Nathan McCauley, CEO of Anchorage; and Don Wilson, CEO of DRW.
As explained above, HODL PAC has received over $21,000 USD, with a portion of this amount, about $5,000, spent on operations of the commission so far.
However, the big names will not have complete control of who the money goes to as the public (whoever contributes to the fund) will have a “vote” on the sharing. While the PAC currently does not intend to accept cryptocurrencies, the idea to offer voting tokens is in development.
The voting mechanism on HODL PAC
A contributor will be entitled to an equivalent number of “votes”. The votes can be shared towards different participants but in a quadratic voting system. This means that for each subsequent vote a voter places, it will give the next politician a smaller portion of the donation than the prior politician. Tyler Whirty said,
“It's the idea that each traditional vote costs the square of that vote. So one vote costs one, two votes cost four, three costs nine and so on.”
The quadratic voting mechanism is set to regulate the power of big players by ensuring they don’t have increased influence on where the funds are directed.
So far, the committee is yet to donate to any politician with a limited number of senators and representatives showing up for crypto. Since Andrew Yang dropped out of the Democratic Presidential race 2020, and Eric Swalwell of California dropped out of the governor race, a limited number of politicians are accepting crypto, let alone champion.