California's Fair Political Practices Commission announces ban on cryptocurrency donations to candidates

California’s Fair Political Practices Commission announces ban on cryptocurrency donations to candidates

While candidates are barred from receiving donations in cryptocurrencies, the Federal Elections Commission allows “in-kind” donations to political action committees and political campaigns.

  • “A committee can receive bitcoins as contributions,” according to FEC guidelines. “Bitcoins may be received into and held in a bitcoin wallet until the committee liquidates them.”
  • The vote took place Thursday and was 3-to-1 in favor of the ban. Tracking the origin of the donations was cited as a major factor for the decision.
  • Other states have made rules concerning donations in cryptocurrencies. North Carolina has banned campaign donations in cryptocurrency while Colorado has allowed them with limits.