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Author Topic: [2018-05-19] Colorado Proposal Aims to Allow Bitcoin Donations for Campaigns  (Read 37 times)
ivanpoldark
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May 19, 2018, 06:27:54 AM
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The state of Colorado is considering giving political candidates the ability to raise funds using cryptocurrencies. This week the Secretary of State, Wayne Williams, presented the proposed guidelines and officials are looking for commentary from Colorado residents.

Colorado Secretary of State May Allow Politicians to Accept Cryptocurrencies for Campaigns


Colorado is a state that is well known for testing new laws and guidelines like allowing recreational cannabis throughout the state. This week politicians from the Rocky Mountain state are considering allowing political candidates to accept bitcoin and other forms of digital assets. Secretary of State Wayne Williams proposed the new rules in a draft submitted on May 16, 2018. The proposal states:  

Quote
A committee may accept contributions in cryptocurrency, up to the acceptable limit for a cash or coin contribution. The amount of the contribution is the value of the cryptocurrency at the time of the contribution. The committee must report any gain or loss after the contribution as other income or receipts.

Read more: https://news.bitcoin.com/colorado-proposal-aims-to-allow-cryptocurrency-donations-for-campaigns/
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May 19, 2018, 06:30:44 AM
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There will always be questions about who funded the campaign, if bitcoin contributions come in pseudonymously. That in itself is not bad, but can prove to be a distraction. There will also be questions about what happens if bitcoin donations are worth more than the acceptable limit? Does the campaign manager have to send back those bitcoins?


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May 19, 2018, 06:58:08 AM
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There will always be questions about who funded the campaign, if bitcoin contributions come in pseudonymously. That in itself is not bad, but can prove to be a distraction. There will also be questions about what happens if bitcoin donations are worth more than the acceptable limit? Does the campaign manager have to send back those bitcoins?
Thinking up also into these possible things would really happen if this would be implemented or adopted to be used on campaign fundings. There would be always a liquidation when it comes to this matter because those funds might really have the risk on using up into other intentions rather than on the main purpose itself for donations due to anonymity. Tracing up would be a hard thing.I always prefer fiat for this one.

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