California bans bitcoin donations for political campaigns

The political control board of the State announced that candidates will not be able to accept donations for political campaigns with cryptocurrencies

The Commission for Fair Political Practices, formed by five members, voted to prohibit donations with cryptocurrency in political campaigns, based on the concern of California authorities about the origin of the aforementioned grants.

The first option radically banned all contributions in cryptocurrencies. The second allowed the awards as cash donations of up to $ 100 and the asset had to be converted into cash upon receipt before depositing it in the bank account of the campaign.

The third option would grant in-kind contributions with crypto-to-cash conversion. While the latter offered donations of crypto assets in kind, in which the campaigns see their funds transferred to their own digital wallet.

Brian Forde, a former Obama adviser and California Democrat running for Congress, received in May political attacks from a rival for accepting bitcoin donations for his campaign.

It is important to describe the situation in other States. Last August North Carolina restrained donations for campaigns in stablecoins, while in Colorado they were allowed wit specific restrictions. These are two examples in USA.


Source: Infocoin

Receive this and all our information directly on your cell phone through our channel on Telegram:

Comments are closed.