$50k in HODLpac Donation Matching!
Plus the HFSC crypto hearing and cryptoasset donations to HODLpac
48 weeks until the 2022 general election. We’ve got an exciting announcement this morning, keep scrolling to learn more.
The TLDR: a generous donor is giving $100,000 to HODLpac’s community-governed Super PAC and has pledged another $50,000 to match donations to HODLpac. If you’ve been waiting to give, now’s the time! Give with fiat or cryptoassets on our new donation page:
Also, if you missed HODLpac’s Twitter space yesterday with Coin Center, you can listen to a recording here:
HODLpac’s Cryptoasset Donation Page + $50,000 in Donation Matching
We’re very excited to for our two announcements today:
First, we’re live with a new (temporary) HODLpac website and donation page!
Our new donation page accepts fiat by credit/debit card as well as cryptoassets.
Right now, we accept BTC, ETH, DAI, Terra USD, and GUSD. Over the next week, we will be adding more cryptoassets to the list. First up: USDC, ZEC, AAVE, MKR, COMP, and UNI.
Want to request a certain cryptoasset be added? Join our Discord and tell us:
This version of the website will be live until we’re ready to roll out the HODLscore tracker. 🚀🚀🚀
Second, a reason to use the new donation page!
Wicklow Capital is a Palo Alto and Chicago-based family office that is an active supporter of the cryptocurrency ecosystem as well as technologies and initiatives to improve the functioning of democracy. They have pledged $100,000 to HODLpac’s community-governed Super PAC and another $50,000 to match donations from others in the community.
Terms of the matching:
Every dollar donated to HODLpac will be matched by $0.50 to HODLpac’s Super PAC until we hit the $50,000 matching limit. In other words, the next $100,000 in donations from the community will be matched.
Donors who give before we hit that limit will receive the governance tokens associated with the matching funds. For example, if you donate $100, you will receive 150 governance tokens instead of the usual 100, a 1.5x multiplier.
Though there is no limit on how much an individual can give to HODLpac, only the first $5,000 (in fiat or cryptoasset equivalent) from an individual will be eligible for matching. For example, if you give $6,000 you will receive 8500 governance tokens (7,500 for the first $5,000 donated and 1,000 for the remaining $1,000).
As a reminder, HODLpac is a hybrid PAC. That means we have a bank account for giving directly to campaigns (traditional PAC) and a bank account we can use for independent expenditures (Super PAC). Individuals can give up to $5,000 in a calendar year to HODLpac’s traditional PAC side and individuals or corporations can give unlimited amounts of money to the Super PAC side. HODLpac’s traditional PAC funds will be used as a quadratic funding matching pool (a la Gitcoin for political giving) and distributed programmatically based on how crypto voters donate - through HODLpac - to candidates directly. Finally, everyone who donates to or through HODLpac gets governance tokens to use to decide how we spend Super PAC funds, to weigh in on HODLpac’s endorsement process, and to steer the organization.
That means we have until December 31st of this year to collect up to $5,000 from as many individuals as possible to use for our traditional PAC matching pool.
The clock is ticking, help us spread the word!
Happening Now! - House Financial Services Hearing on Crypto
Tune in live:
A very important hearing - entitled “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States” - is happening right now in the House Financial Services Committee.
The witnesses include:
Jeremy Allaire, Co-Founder, Chairman and CEO, Circle
Samuel Bankman-Fried, Founder and CEO, FTX
Brian P. Brooks, CEO, Bitfury Group
Charles Cascarilla, CEO and co-Founder, Paxos Trust Company
Denelle Dixon, CEO and Executive Director, Stellar Development Foundation
Alesia Jeanne Haas, CEO, Coinbase Inc. and CFO, Coinbase Global Inc.
Click on the linked names to read their written testimonies.
HODLpac contributor Ron Hammond wrote an awesome Twitter thread yesterday breaking down the key members to watch (which doubles as a fantastic guide for HODLpac donors):
Next week, we’ll break down what happened in this newsletter.
In the meantime, some great threads to follow what’s happening:
📚 Good Reads
“Regulators’ Stablecoin Report Met With Bipartisan Pushback,” Cheyenne Ligon, CoinDesk
“Crypto CEOs to Testify Before Lawmakers Weighing Greater Regulation,” Paul Kiernan, Wall Street Journal
“Cryptocurrency Draws Black and Latin Americans Left Behind by Traditional Banks,” Jeenah Moon, Washington Post
“Crypto Advocacy Panel featuring Kristin Smith, Jake Chervinsky, Tomicah Tilleman, Brian Quintenz, and Sarah Roth-Gaudette,” Ryan Sean Adams and David Hoffman, Bankless
What’d we miss? Join our Discord and help curate this newsletter!
Disclaimer: HODLpac is FEC-registered hybrid political action committee and is not legally affiliated with any party, party committee, candidate or candidate committee.