Berkeley, California, one of the centers of the counterculture movement in the 1960s and 70s, is considering launching an Initial Coin Offering (ICO) to fund affordable housing after fears that President Donald Trump will cut their federal funding, Business Insider reports Wednesday, Feb. 7.
Ben Bartlett, a member of the Berkeley City Council, created a group working on the ICO launch with Berkeley mayor Jesse Arreguín, the UC Berkeley Blockchain Lab, and fintech startup Neighborly. He sees a turn to crypto as a way for the city of Berkeley to resist the current presidential administration, telling Business Insider:
“Berkeley is the center of the resistance, and for the resistance to work, it must have a coin.”
Berkeley is a sanctuary city, meaning that it doesn’t cooperate with the federal government to enforce immigration law. The Trump administration has recently been escalating the fight against the existence of sanctuary cities as part of their immigration reform.