Bitcoin Regulation Roundup: Political Contributions and Troublesome Banks
Regulatory attitudes toward digital currencies around the world are shifting. Hardly a day goes by without a central bank issuing a warning on the digital currency or new tax guidelines. However, it's not all bad news - as some authorities are taking a far more positive approach. In CoinDesk's regulation roundup, Certified Public Accountant and ACFE Certified Fraud Examiner Jason Tyra examines the most significant digital currency news from the world's regulators and law courts over the past two weeks. China. Authorities' bitcoin squeeze continues. Chinese banks appear to have suspended....
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The 6-member panel voted unanimously to allow the contributions, a move that could open the floodgates for donors to make political contributions with the digital currency in the upcoming midterm elections. The decision means that political groups or candidates can accept Bitcoin if they abide by the same guidelines that the political group Make Your Laws set forth when it asked for the commission’s approval. Bitcoin political contributions would be clearly identified and limited. Proponents say it’s a sign of increased acceptance of the upstart currency, as more businesses and individuals....
How do you get lawmakers to understand the concept of bitcoin and digital currency in the most effective way possible? It's a question that's been answered by BitPay (a bitcoin digital payments processor) and CoinVox (a bitcoin services firm for political organizations). The two companies have teamed together to offer an "all-in-one" solution for political candidates, political action committees and political organizations to easily accept bitcoin donations. The integration will effectively allow political groups to securely accept contributions/donations while remaining compliant with....
Cryptocurrency for political campaign contributions will now be allowed in California, after a ban was lifted by the state’s Fair Political Practices Commission, Friday. The FPPC has voted to lift a four-year restriction on bitcoin contributions. In 2018, California was one of nine states that specifically prohibited the practice, according to an FPPC staff report. […]
Last November, the Federal Elections Commission (FEC) voted 3-3 over a proposal allowing political campaigns to accept bitcoin donations. While, in effect, the FEC didn't say no to bitcoin, it also left some important questions unanswered. The proposal was brought to the FEC by lawyers of the Conservative Action Fund (CAF), which, as a political action committee, wanted to pressure the FEC into looking at the merits of bitcoin as a tool for fundraising. During the hearing, FEC commissioners did come to some conclusions regarding bitcoin's role in political contributions, summarized in an....
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....