FEC Regulations Limit Bitcoin Donations To Political Campaigns and Cause Confusion
This year, the FEC announced that political candidates could accept donations in Bitcoin. While the guidelines are welcome, the FEC also capped the amount that could be donated to $100 in Bitcoin or Cryptocurrency per person each election period. This amount is far below the amounts you can donate in fiat. Along with the restriction, many people are not yet up to speed on Bitcoin. This lack of knowledge in the general public also makes Bitcoin lag as a form of donation. As first reported on by The Huffington Post, Blaine Richardson, a House seat candidate running for Maine's 2 District,....
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The Federal Election Commission (FEC) will be ruling on contributions to US political campaigns on April 23. Since no law prevents using crypto-currency in political campaigns, people like Texas Governor Candidate Greg Abbott and the Libertarian party have already accepted donations via Bitcoin. Two draft advisory opinions from PAC Make Your Laws were posted on the FEC’s website available for public comment before today’s meeting. The first draft, posted April 16, more or less would allow political campaigns to accept Bitcoin not as cash donations but rather in-kind donations, use the....
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....
Following the unanimous decision yesterday by the Federal Election Commission (FEC) to approve the acceptance of bitcoin donations for political campaigns, Democrat Jared Polis has already started accepting bitcoin for his re-election campaign. The campaign committee, Jared Polis for Congress, announced yesterday that the Colorado Representative was one of the first politicians to accept digital currencies. Donations can be made on Polis' website, which was launched shortly after the FEC vote yesterday. In a written statement, Polis said: "I am thrilled that the FEC has chosen to take a....
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....