California again allows crypto contributions to state, local political campaigns
The state's Fair Political Practices Commission has reversed a 2018 prohibition that arose from transparency and KYC concerns, while seven states still have a ban. Candidates for state and local offices in California will once again be allowed to accept donations in cryptocurrency after a ban was lifted by the state's Fair Political Practices Commission (FPPC) on Thursday. The ban was imposed in 2018.California was one of nine states that had banned political contributions in crypto due to perceived transparency and Know Your Customer (KYC) issues. The question of contributions in crypto....
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“This has been on our radar since late last year,” said California’s Fair Political Practices Commission communications director Jay Wierenga. A California state regulator may be looking at overturning a ban on cryptocurrency donations to political campaigns which has been in effect since 2018.According to its May 2022 agenda, California’s Fair Political Practices Commission, or FPPC, has scheduled a “pre-notice discussion” on Thursday on the use of cryptocurrencies f campaign contributions in the state. The commission said it will be considering drafting amendments to its regulations....
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. […]
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....
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....
If approved, cryptocurrency donations and contributions will need to be reported as in-kind contributions or as investments, not currency. The proposal was filed with the Texas Secretary of State, which sought to address and clarify the reporting requirements of political contributions made with cryptocurrencies. According to the filing:“The new rule permits candidates, officeholders, and political committees to accept cryptocurrency. It does not distinguish between any types of cryptocurrencies, like Bitcoin.”If approved, cryptocurrency donations and contributions will need to be reported....