Featured News Headlines
US Bitcoin Regulation: $200M PAC Planned by David Bailey
US Bitcoin Regulation – David Bailey, entrepreneur and longtime Bitcoin adviser to US President Donald Trump, is aiming to raise up to $200 million for a new political action committee (PAC) dedicated to promoting Bitcoin’s interests in the United States. Bailey, known for founding Bitcoin Magazine and BTC Inc., played a pivotal role in Trump’s pro-Bitcoin stance during his presidency.
In a recent post on X (formerly Twitter), Bailey revealed plans to launch a PAC anchored by his Bitcoin treasury firm, Nakamoto Holdings, which itself raised $300 million earlier this year. He said, “I’m thinking about raising a $100m-$200m PAC, anchored by Nakamoto, to advance Bitcoin priorities.”
Ambitious Goals: Taking Bitcoin Price to the Moon
Bailey’s stated goal for the PAC is to propel Bitcoin’s price to $10 million, emphasizing a long-term vision for the cryptocurrency. He also invited the community to suggest other priorities. Ideas ranged from abolishing capital gains tax on Bitcoin sales to strengthening self-custody rights, boosting Bitcoin education in schools, and even allowing foreign nations to repay debts to the US with Bitcoin.
Industry Voices Offer Caution and Support
While Bailey’s vision has garnered interest, some voices in the industry urge caution. Charles Allen, CEO of publicly traded company BTCS, warned about potential legal risks if corporate funds are heavily involved in political PACs, citing shareholder fiduciary duties. Bailey acknowledged the feedback but noted that Coinbase’s support of the crypto PAC Fairshake showed corporate backing can work under the right conditions.
The Growing Influence of Crypto in US Politics
Bailey’s move comes amid a surge of crypto companies investing heavily in US politics. In 2024 alone, more than $134 million was spent by crypto interests to support pro-crypto candidates, leading to a notable rise in elected officials sympathetic to digital assets. The crypto PAC Fairshake has been particularly active, spending around $130 million in the 2024 election cycle and holding $141 million earmarked for future campaigns.
As political engagement intensifies, the creation of Bitcoin-focused PACs like Bailey’s could shape the future regulatory landscape for cryptocurrencies in the US.
