Federal Election Commission to Consider Allowing Bitcoin Donations to Campaigns
Bitcoin and politics. They may soon go hand-in-hand. Financially speaking, of course. The Federal Election Commission will reportedly consider a request on Wednesday to officially allow political campaigns to accept bitcoin donations in the mid-term elections coming up. The news comes as bitcoin continues its rapid growth and more organizations are embracing the digital currency, which allows for easy transactions less hefty fees charged by traditional card processors. A non-partisan political group by the name of Make Your Laws made the request, which they're hoping will be approved. Make....
Related News
The US Federal Elections Commission (FEC) is proposing a measure that would allow election campaigns to accept bitcoin donations, but they would not be treated the same as cash currently is. In an opinion letter dated 7th November, the FEC responded to a group called Conservative Action Fund (CAF) regarding its request to have an opinion about the acceptance of bitcoin donations. The opinion states that CAF can accept donations in bitcoin, but must sell them for cash in order use them for any sort of payment. "The Commission concludes that CAF may accept bitcoins as in-kind contributions....
The Federal Election Commission has released a draft of what could best be described as the ability to collect Bitcoin donations to political campaigns. The caveat? Campaigns would be require to convert the Bitcoin to fiat in order to spend it. This means campaigns will need to bring their Bitcoin donations to an exchange and convert to the U. S. Dollar, and would be required to count any fee charged by the exchange as part of the initial donation. "Bitcoin contributions should be valued as in-kind contributions. The amount of 2 an in-kind contribution is the usual and normal value of the....
The US Federal Election Commission (FEC) has determined that political campaigns and political action committees (PACs) may accept bitcoin as a form of in-kind donation under current federal election laws. The FEC previously delayed a decision on a request for clarification from Make Your Laws (MYL) - an organisation that facilitates political contributions - which sought guidance on how it could go about accepting and using bitcoin donations, as well as general rules for handling digital currencies. In its draft report, the FEC tracks closely with comments made previously by the....
There's been talk in the media of the Federal Election Commission potentially allowing Bitcoin donations to political campaigns. Not terribly long ago (earlier this month, in fact), we even reported on the topic. It looks like the decision to give the proposal the green light has been delayed, according to a Reddit submission on Thursday. The vote reportedly concluded with 3 in favor of allowing Bitcoin contributions, and of course, 3 not in favor. The commission at this point is apparently uncomfortable with their present understanding of Bitcoin, but will likely vote in favor and pass....
In late April, the Federal Election Committee (FEC) began its rulings on how to regulate contributions to US political campaigns, if at all. The FEC was given two draft opinions by political action committee Make Your Laws (MYL). The verdict? Bitcoin is in. The FEC ruled 6-0 allowing Bitcoin donations to campaigns, although “MYL must sell the bitcoins it purchases and deposit the proceeds into its campaign depository before spending those funds,” according to an advisory memo to MYL. Donations cannot exceed $100. The value of the bitcoin donation is explicitly addressed throughout the....