Receive all Cointelegraph news immediately in Telegram.
There is no secret in the fact that politicians, parties and organizations receive donations regularly and especially intensively during the preparations for elections or other remarkable arrangements.
FEC, law, political donations
There is no secret in the fact that politicians, parties and organizations receive donations regularly and especially intensively during the preparations for elections or other remarkable arrangements. Since the bitcoin crypto currency becomes more and more popular there has been opened a discussion on whether donation can be made digitally, not with real, physical dollars.
The representatives of the Conservative Action Fund PAC or shortly CAF have compiled a letter for the federal Election Commission or the FEC. The main question – can the politicians and their forces receive donations in the form of bitcoins? The next question is also logical – can they be spend or should be sold to receive fiat money?
The question is not pure theory. The amount of users grows, among them the politically active generation, who already wish to express their feeling by helping the corresponding people. Many politicians use this system and have nothing against the will of their voters. Does not matter the reasons – diversification of currency is another expression of liberty and freedom – the possibility to choice the thing most appropriate for You.
Besides there are 24 other relevant questions. Bitcoins are not recognized as a currency by the US government, and then it is a good or material? Also how CAF should report receiving such donations, what should be paid – commissions or fees?
CAF searches help and offers it to the FEC in developing of the rules how to act – receiving, reporting, spending and completing any other featured action. Rules should be ready as fast as possible as real donations are already offered via crypto currency systems and wallets.
Not to forget, the activists and politicians of New Hampshire of course are willing to receive donations in this form – it is well-developed in their society. Many other libertarian representatives have voiced their wish to do the same. Among such politicians – Warden – state representative – but he is already doing so, he just had a conversation with the Secretary of State’s office and asked there for their position.
Another problem that might pop up with crypto currency donations, in particular bitcoin, is that the payments and sending might stay anonymous. It should not be a problem, as these donations might stay rather small in comparison with the ones made with fiat money or still the right to do so might be preserved even for unnamed personalities.
It is important to remind, that the US legislative acts for the complain of the current and following years allows persons the donation of 2600 dollars for a single election routine or 5000 dollars for an organization – political committee or something similar.
In 2012 the money collected via the bitcoin system was 2674 bitcoins that is less than 400 dollars and should not be a distraction for donations in real fiat money, but opens a new possibility for everyone considering the option to use in future crypto currencies. This step would really bring up new horizons to the usage of bitcoins and their spreading out in the world.
Follow us on Facebook
For updates and exclusive offers, enter your e-mail below.
One fine body…
Thank you for contacting us! We will reply to you as soon as possible.
Thank you for your interest in our franchise program.
We are considering your request and will contact you in due course. If you have any further queries, please contact:
Reset letter sent.
Please checkout your mailbox for password reset details