Elected officials in Berkeley, California, are exploring the launch of an initial coin offering to raise funding for affordable housing.

Berkeley City Council Member Ben Bartlett said the idea came from a desire to create some financial independence from the federal government.

President Donald Trump has threatened to cut federal funding from sanctuary cities, and has specifically targeted Berkeley in tweets.

The City of Berkeley, one of the epicenters of liberal California, is considering a turn to cryptocurrency to reduce its reliance on federal funding in the Trump administration.

Berkeley would become the first city in the US to hold an initial coin offering (ICO) — a type of crowdfunding campaign that's become popular in the past year. The city would raise funds by selling digital assets called "tokens" that are backedby municipal bonds, a type of security issued by the local government. Buyers might spend these tokens at shops and restaurants or even pay rent at apartment rentals that participate in Berkeley's cryptocurrency ecosystem.

The goal is to raise funding for vital city projects like affordable housing and support services for the city's growing homeless population. Someday, homeless people might receive tokens to buy goods and services from local businesses that accept the currency, according to city leaders.

It's all talk for now, but according to Berkeley City Council Member Ben Bartlett, the creation of the city's own financing mechanism is a key part of building resiliency in the Trump era.

"Berkeley is the center of the resistance, and for the resistance to work, it must have a coin," Bartlett told