HODLpac
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About HODLpac
An overview of HODLpac's structure and design as a (community-governed) PAC.

The Basics

HODLpac is a FEC-registered hybrid political action committee; i.e. a type of PAC that combines a traditional PAC with a Super PAC.
This means HODLpac can:
  1. 1.
    Make donations directly to candidates from HODLpac's traditional PAC treasury, up to $5,000 per election (primary, general, and runoff elections).
  2. 2.
    Facilitate "earmarked donations" from individuals to candidates through HODLpac, up to $2,900 from each individual per election (primary, general, and runoff elections).
  3. 3.
    Make uncapped "independent expenditures" in support of or against certain candidates, from HODLpac's Super PAC treasury.

The Details

Building an Effective PAC

HODLpac's primary mission is to support candidates for Congress - with our votes and our wallets - that want to see public blockchain technology and the cryptoeconomy thrive in the United States.
In order to accomplish our primary mission, HODLpac needs to:
  • Donate as much as we can to as many quality and viable candidates as we can, as a community, in order to maximize our effectiveness as a powerful political bloc.
  • Donate to candidates in time for our financial support to make an impact.
  • Give HODLpac community members the ability to donate according to their own political beliefs, if that is important to them, so that we can engage the entire crypto community and support many candidates from both major political parties.
How we're doing it:
  • Raising money to HODLpac's traditional PAC treasury from individuals in the crypto community.
  • Raising money to HODLpac's community-governed Super PAC treasury from individuals and corporations in the crypto community.
  • Hosting HODLpac Donation Rounds to facilitate earmarked donations from individuals in the crypto community, wherein HODLpac's traditional PAC treasury functions as a quadratic funding matching pool.
  • Modifying the quadratic funding matching formula slightly to boost matching for candidates from certain states ~1 month before their primary election.
  • Enabling donors to HODLpac's traditional PAC to designate their funds as only eligible for matching candidates from a certain political party and enabling users of HODLpac's earmarked donation tools to choose any candidate they want to donate to.

Building a Cryptonative PAC

HODLpac's secondary mission is to build a cryptonative political organization for and by crypto voters in the United States.
The way to build a cryptonative political organization is take lessons from experimentation in the industry - such as DAO governance and mechanism design - and apply them to HODLpac.
Two priorities embedded in HODLpac's organizational design are:
  • Community governed yet governance-minimized: While we don't want one person or small group making donation decisions like normal PACs, we also don't want to force HODLpac tokenholders to have to vote on every donation decision.
  • Credibly neutral: A "credibly neutral" mechanism (in this case, a PAC donation decision system) is one that large, diverse groups of participants can have confidence in that it is fair and does not discriminate for or against any specific people or groups.
HODLpac's quadratic funding-based Donation Round system, which drives HODLpac traditional PAC donation decisions, is designed with these two priorities in mind.
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