On Friday, Grant McCarty, the director of policy and public affairs at Bitcoin Magazine, announced the launch of three political efforts aimed at bolstering bitcoin public policy at the Bitcoin 22 conference in Miami. McCarty revealed the Bitcoin Advocacy Project (BAP), the Bitcoin Policy Institute (BPI) and an independent expenditure-only political committee called the Financial Freedom PAC.
3 Newly Launched Political Efforts Aim to ‘Bring About an Orange Wave Across Washington’
A new bitcoin-themed Super PAC has been launched to help “elect bitcoin champions.” According to the Financial Freedom PAC website introduced by Bitcoin Magazine’s Grant McCarty, the new Super PAC supports “candidates that aim to defend and uphold the following rights of bitcoin owners in the United States.” In recent times, bureaucrats have unveiled a number of regulatory policies toward digital currencies and many fear that strict crypto regulation can stifle technological innovation.
Basically, a Super PAC is an independent political committee that solicits donations to bolster independent political activity and help frame public policy. While Super PACs cannot donate directly to political candidates, the PAC can spend unlimited sums of money to either fight against political candidates and legislation or advocate for specific bureaucrats.
The Financial Freedom PAC explains that it supports four political candidates including the Ohio Republican Senate candidate, Josh Mandel, the California Democrat House candidate, Aarika Rhodes, the Ohio Democrat House candidate, Matthew Diemer, and Arizona Republican Senate candidate, Blake Masters. Corporations, unions, associations and individuals can donate to the Financial Freedom PAC but they cannot donate with U.S. dollars. The organization’s website discloses: “Fiat donations are currently not working. This is a feature, not a bug. Please donate bitcoin.”
The bitcoin-centric Super PAC website adds:
The fight for bitcoin in the U.S. will be a marathon, not a sprint. True to bitcoin’s ethos, this organization will operate with a low-time preference, focusing entirely on high-impact expenditures. And by denominating our balance sheet in bitcoin, whatever we don’t spend gives us more purchasing power in future elections. This is the first political organization whose power will scale with bitcoin’s.
Voting out Anti-Bitcoin Politicians
In addition to the bitcoin-centric Super PAC, McCarty also revealed the Bitcoin Advocacy Project (BAP), and the Bitcoin Policy Institute (BPI). BAP has launched a “Nakamoto Grant,” and awarded it to the BPI as the institute published a white paper concerning “Bitcoin and national security.” The main goal for the organization BAP is to “bring about an orange wave across Washington.”
“In addition, BAP supported the creation, development, and funding of the Financial Freedom PAC — the first Bitcoin Super PAC that aims to elect Bitcoin champions and vote out anti-Bitcoin politicians like Brad Sherman and Elizabeth Warren,” McCarty said on Friday. “BAP has pledged $100,000 to get the Financial Freedom PAC off the ground and secured another half-million dollars in verbal commitments since the organization was filed.”