Bitcoin News Today: Trump's Bitcoin Adviser Targets $200M PAC to Shape Pro-Crypto Policy

David Bailey, a prominent Bitcoin advocate and former adviser to former U.S. President Donald Trump, is reportedly planning to raise up to $200 million to fund a political action committee (PAC) aimed at advancing a pro-crypto policy agenda [1]. This move aligns with broader efforts by Trump and his allies to reshape the U.S. financial landscape in favor of digital assets. The PAC would be used to influence regulatory and legislative decisions, particularly those affecting the adoption and regulation of Bitcoin and other cryptocurrencies.

Bailey, who leads Bitcoin Magazine and BTC Inc., announced on X that the PAC would be anchored by his firm, Nakamoto Holdings, which raised $300 million earlier this year. The goal is to back candidates and initiatives that promote Bitcoin’s standing in Washington [1]. Bailey described the initiative as a way to advance Bitcoin priorities, with ambitions including pushing the asset toward a $10 million valuation and supporting favorable regulatory changes.

The proposed PAC is not the first of its kind in the crypto space. Crypto-backed PACs, such as Fairshake—supported by companies like Coinbase and Ripple—have already spent over $130 million in the 2024 elections to support pro-crypto candidates [1]. This trend suggests a growing recognition among crypto stakeholders that political influence is a necessary tool for shaping favorable policy environments.

Bailey has also invited public input on policy ideas that could be pursued by the PAC. Suggested initiatives include eliminating capital gains taxes on Bitcoin sales, promoting the right to self-custody, funding Bitcoin education in schools, and offering legal protections for open-source developers [1]. Some advocates, like Alex Gladstein of the Human Rights Foundation, have even proposed allowing foreign nations to repay U.S. debt in Bitcoin.

Despite the enthusiasm, some caution has been raised about the potential legal risks of aligning political efforts with publicly traded entities. Charles Allen, CEO of public crypto company BTCS, warned that using company funds for political purposes could lead to legal challenges [1]. Bailey responded by pointing out that similar efforts by other firms, such as Coinbase's support for Fairshake, have not triggered major issues.

Bailey’s proposal comes amid a broader shift in the political landscape, with pro-crypto lawmakers gaining influence and crypto-backed PACs playing an increasingly visible role in elections [1]. The success of these efforts will depend on the ability to attract significant donor support and effectively influence key legislative and regulatory decisions.

Creating a PAC requires registration with the Federal Election Commission, a designated treasurer, and regular financial disclosures. As of now, Bailey has not confirmed when or how the PAC will launch [1]. However, the mere announcement of such an ambitious funding target signals the growing political stakes in the crypto space.

Source: [1] Bitcoin Adviser to Trump Eyes $200M PAC to Push Crypto Agenda (https://coinmarketcap.com/community/articles/68927d8a224d8d2a95dd8643/)