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 will go towards our Community Ballots to directly support politicians.
Anything above that 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.
HODLpac will not be able to give every $ donated to candidates because, like any other organization, we will have expenses. However, we are committed to running a lean and transparent organization.
Before each Community Ballot and nominating period the HODLpac Board will publish the donation plan - i.e. the amount of money we have to donate and how the disbursments will be broken down.
For example, the HODLpac Board may decide we have $30,000 to donate and 10 politicans will receive $2000 and 2 politicans will receive $5,000 each.
Want to have say in how that will work? You guessed it: become a HODLpac member and join our Discord.
The HODLpac Board is currently 4 people, selected to offer a mix of policy experience and crypto-native viewpoints:
Tyler Whirty, HODLpac founder
Kristin Smith, Executive Director of the Blockchain Association
Joseph Eagan, President of Polychain Capital
Jake Chervinksy, General Counsel of Compound Finance
We realize this is a bit centralized but HODLpac is committed to the following:
The Board will never censor the results of a Community Ballot.
The Board will not waver from the donation plan presented before the Community Ballot begins.
The Board will always put independent expenditure decisions to vote in a Community Ballot.
HODLpac members will always have a say in our Discord. We want this to be a community effort and we're committed to listening to our members.
Unfortunately, not yet. But we will soon. For now, look at us as a way to get rid of your depreciating, centralized fiat.