An (ICO) initial coin offering may be launched by the city of Berkeley. This step may be an effort to reduce its dependence on federal funding. It would raise funds by selling digital coins and obviously it would be backed by government municipal bonds. Bartlett said that idea of ICO came to mind after president Donald Trump signed the Republican tax bill into the law.
Bartlett teamed up with Berkeley’s mayor, UC Berkeley’s Blockchain Lab, Jesse Arreguín, and the start-up Neighborly to attempt to plan out an ICO. They hope to combat any side-effects of the new tax bill as the funds raised will help fuel more affordable housing. This currency may be launched in May after the necessary approvals. Jain said the initial community offering will differ from traditional initial coin offerings as once dollar was backed by gold it may be backed by a municipal bond.
The total scenario came in the air due to President Donald Trump announcement to cut funding to sanctuary cities such as Berkeley. “Berkeley is the center of the resistance, and for the resistance to work, it must have a coin,” council member Ben Bartlett said.