David Bailey plans to raise up to $200M for a Bitcoin-focused political action committee. PAC priorities include abolishing Bitcoin capital gains tax and promoting crypto education. Experts caution regulatory and legal challenges in using company funds for political causes. US President Donald Trump’s Bitcoin advisor and Bitcoin Magazine CEO, David Bailey, has announced plans to raise up to $200 million to create a political action committee (PAC). The PAC’s main task will be to promote initiatives related to Bitcoin, the first cryptocurrency. Bailey emphasized his intention to use Nakamoto Holdings, his investment company specializing in managing Bitcoin reserves, to implement the initiative. He stated that the goal of the committee is not only to influence the political agenda but also to “position Bitcoin for the long term.” Bailey named reaching the $10-million price tag as a priority and invited the community to propose additional ideas. These include abolishing the capital gains tax on Bitcoin sales, protecting the right to independently store cryptocurrency, and introducing “crypto education” in schools. Some experts added their initiatives. Alex Gladstein, director of strategy at the Human Rights Foundation, suggested seeking protections for open-source software developers and proposed allowing foreign countries to repay US debts in Bitcoin. Investor Tuur Demeester emphasized the need to return to a full-reserve banking system. At the same time, BTCS CEO Charles Allen cautioned Bailey against hasty moves, warning that using company funds for political causes could raise shareholder concerns and risk class action lawsuits. Bailey acknowledged the criticisms as valid but cited Coinbase’s support for Fairshake as an example showing that such practices are possible. He also stated that the effectiveness of the approach will depend on the size of the PAC and the level of industry support. Experts noted that creating such a committee requires appointing a treasurer, registering with the US Federal Election Commission, and regularly reporting expenditures.
