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.