Tuesday, October 26, 2021
HomeNewsCalifornia considers accepting cryptocurrencies as campaign donations

California considers accepting cryptocurrencies as campaign donations

Several contributions were made about the topic around the classification of such donations, maximum allowable limits, conversion, and reporting of such funds. The informal agreement is to cap of $100 per donation for the upcoming year’s midterm elections. However, the meeting did not lead to any amendments as the members acknowledge they need a better understanding of the matter.   Alice Germon, Chairwoman stated:

“I would be inclined to think that bitcoin is a thing that is not U.S. money but is more like a currency, like the euro. But I would like to hear more to develop my thinking on this.”

If cryptocurrency donations are allowed by the California state, it will draw a sort of precedence over the Federal Electoral Commission (FEC). FEC categorized cryptocurrency as an in-kind donation and approved cryptocurrency donations for political campaigns at the federal level.

 The rules, however, will slight differ at the State level as the State laws require donations to come from within the state. Though Commissioner Brian Hatch doesn’t support an outright ban, he raised the prospect of a candidate falsely claiming a crypto-donation that came from within the state.
Read more: A federal judge orders a cyber-criminal to pay his bail charges in cryptocurrencies

Arshmeet Hora

The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.”  Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.

RELATED ARTICLES

Most Popular