Bitcoin News Today: David Bailey Launches $200M PAC to Push Bitcoin-Friendly Policy and $10M Price Target

David Bailey, a Bitcoin adviser to former U.S. President Donald Trump, is planning to launch a $200 million political action committee (PAC) aimed at promoting Bitcoin’s interests in the United States. The initiative seeks to influence policy reforms and ultimately push Bitcoin’s price toward an ambitious target of $10 million [1]. The PAC would focus on supporting legislation favorable to Bitcoin, including tax reform and education initiatives that could help establish a more supportive regulatory environment [2].

Experts have weighed in on the PAC’s potential agenda, with Bitcoin podcaster Stephan Livera suggesting that the PAC should prioritize abolishing capital gains tax on Bitcoin sales and protecting self-custody rights [3]. Meanwhile, Alex Gladstein, Chief Strategy Officer at the Human Rights Foundation, emphasized the need for legal protections for open-source developers, Bitcoin education in schools, and enabling foreign debt repayments to the U.S. in Bitcoin [4]. These recommendations highlight a broader effort to strengthen the Bitcoin ecosystem from a policy and educational standpoint.

The proposed PAC is part of a growing trend of crypto-related political advocacy. In the 2024 U.S. elections, crypto PACs like Fairshake spent around $130 million to support pro-crypto candidates, demonstrating the sector’s increasing influence in political processes [5]. Bailey’s proposed $200 million PAC, if successful, could further elevate Bitcoin’s political profile, potentially shaping legislation related to taxation, banking, and digital asset regulation [6].

However, the initiative is not without potential challenges. Charles Allen, CEO of BTCS, warned that using corporate resources to fund political efforts could raise legal and fiduciary concerns for shareholders [7]. While Bailey acknowledged the risks, he pointed to Coinbase’s support of Fairshake as a potential precedent for corporate involvement in pro-crypto political campaigns [8]. Allen advised that such efforts must be carefully structured to avoid conflicts of interest and legal disputes.

Establishing a PAC involves several formal steps, including appointing a treasurer, registering with the U.S. Federal Election Commission (FEC), and regularly filing financial disclosures [9]. These measures ensure transparency and compliance with U.S. election laws. By following this process, Bailey’s PAC would aim to raise and allocate funds to support Bitcoin-friendly candidates and legislative priorities.

The PAC is expected to focus on lobbying for tax reforms, legal protections for developers, and Bitcoin education initiatives [10]. It also aims to encourage non-partisan support and expand Bitcoin infrastructure, such as ATMs. By aligning political influence with Bitcoin’s long-term growth objectives, the PAC intends to create a more favorable environment for both investors and users.

David Bailey’s initiative underscores the increasing integration of Bitcoin into the U.S. political landscape. With a $200 million fundraising goal and a vision of elevating Bitcoin’s price to $10 million, the PAC reflects a strategic push to embed digital currency interests into the fabric of U.S. policy [11]. If executed carefully and transparently, the PAC could help shape the regulatory and economic future of Bitcoin in the United States.

Source: [1] https://en.coinotag.com/bitcoin-adviser-david-bailey-considers-200m-pac-to-potentially-advance-bitcoin-price-and-policy-priorities/