Political Group Launches 'ICO' to Support US House Candidate

A political action committee wants to conduct an initial coin offering to support candidates for public office.

There's no value associated with BitPAC's politicoin, Backer explained, but the goal is to ultimately grant some sort of voting right to token holders.

BitPAC's initial aim is to support a single candidate: Dan Bishop, a North Carolina state senator running for the U.S. House of Representatives in a special election.

Backer envisions a future platform where voters can show support for any candidate - both Republicans and Democrats - provided they're registered with the U.S. Federal Election Commission.

At the time, it was unclear how bitcoin could be used for political donations, Backer said.

More than that Backer says BitPAC is trying to support candidates who support the cryptocurrency space.

North Carolina's 9th. BitPAC is supporting Bishop in this year's special election due to his past work supporting the industry, Backer said.

"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," he said.

"If you want to support cryptocurrency, you're not going to do it educating the electorate on cryptocurrency," he said.

"The outcome is voters get a candidate they like and want and we get a candidate who understands the importance of cryptocurrency and will be an advocate for cryptocurrency in Congress."