FEC Delays Formal Vote on Bitcoin Campaign Contributions, But Supports It
On the heels of Tuesday's news that the Federal Election Commission (FEC) would be considering allowing bitcoin donations to campaigns comes the news that the oversight group has delayed a formal vote. The consideration comes following a request submitted by non-partisan political group Make Your Laws, who aimed to get FED approval to allow citizens to donate a maximum of $100 worth of bitcoin per candidate. "I have serious concerns about allowing unlimited bitcoin political contributions," said Ann Ravel, Vice Chairwoman at the FEC, according to The Hill. Idea of allowing for unlimited....
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The US Federal Election Commission (FEC) has delayed a formal decision on whether to allow bitcoin-denominated campaign contributions, widely expected to be announced today. However, a senior official suggested that limited contributions may be acceptable in the future. As reported by The Hill, the commission was considering a petition to allow bitcoin campaign contributions in amounts up to $100. The petition was submitted by Make Your Laws (MYL) PAC. During the meeting, Commission Vice Chairwoman Anne Ravel reportedly gave voice to potential issues regarding the anonymity associated with....
The Bitcoin Foundation has sent a letter to the US Federal Election Commission, supporting calls for bitcoin campaign contributions to be officially allowed. The letter broadly supports a letter issued by the Conservative Action Fund PAC (CAF) earlier this month. The foundation calls for bitcoin-based contributions to be allowed, and points to FinCEN's 18th March guidance on virtual currencies as evidence that the government is already recognizing the currency as having an equivalent value in 'real' currency. The foundation's letter argues that Internet-based payments are already an....
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....
Reddcoin has just launched its own social platform designed to amplify the voice of the community through a platform similar to thunderclap. The platform supports campaigns that are accepted by the developers. The campaign then can gain supporters; the supports give support from their Facebook account, Twitter account, or Tumblr account. If the campaign meets the number of supporters that the person that started the campaign specified, then the message of the campaign will be mass broadcasted by the supporters at the set time of the campaign. The moderation of the new platform will protect....
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....