A political action committee is a 527 organization formed for the purpose of raising and spending money to elect and defeat candidates.
There are two main types of PACs: traditional PACs and Super PACs.
Traditional PACs can accept donations up to $5,000 from individuals and are limited to making donations up to $5,000 directly to a candidate's campaign or $15,000 donations directly to political parties.
Super PACs can accept unlimited donations from individuals. They can also spend unlimited amount supporting a candidate or party, but they can't donate or coordinate directly to or with a candidate's campaign. These are called "independent expenditures."
HODLpac is a Hybrid PAC. This means we have a traditional PAC and a Super PAC under one roof.
Since we're a Hybrid PAC, there is no limit on how much you can give to HODLpac.
The first $5,000 you give each year will go to the quadratic funding matching pool that will amplify individuals' (read: your) direct donations during HODLpac's Donation Rounds.
If you give more than $5,000 directly to HODLpac, those funds will be used on the Super PAC will have to be disbursed as an independent expenditure. Decisions on how to spend our independent expenditure money will be made by HODLvote token holders.