California may allow campaigners to accept digital currency donations

[anitalxy]

 

     According to coindesk, the California Fair Political Practice Committee met on Thursday to discuss whether the campaign can accept digital currency donations.In opposition, committee member Nicolas Heidorn suggested allowing campaigners to accept digital currency contributions after further research on digital currency.The Committee does not agree with this recommendation.
     Among the members who support cryptocurrency, Allison Hayward is the most prominent.She opposed a total ban on digital currency, and she said she particularly hated to ban digital currency from becoming a campaign fund before she did not investigate it, and she believed that blockchain technology would eventually become a powerful tool in trading behavior.
     Both Brian Hatch and Frank Cardenas believe that digital currency should not be completely banned, but if this proposal is accepted, the ensuing fraud becomes the biggest problem. The committee did not reach a final conclusion and will continue discussions next month.

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[chidrawarster]

This would be a great move !!! I hope many more countries move forward in that direction and make digital currencies more viable in the future to avoid any fiat currency deficit.I also support this cause by telling that crypto space has to be given some relaxation to explore more viabilities and its usage in the daily needs. Blockchain technology will be no doubt used in every domain the in the coming future, thats all i can say.

[BarnabyETH]

I think they definitely approve it because now everyone understand the importance of bitcoin. Blockchain technology will dominant everything in coming future. It’s the safest medium of transaction so it should be approve.

[tot-o]

It is one of the thousand sign that something is really is happening around like little by little people and association is accepting crypto... And by donation other wills know about it.

[Brequir]

I think it’s a amazing move. Because government and normal people understand the importance of digital currency. Many company and general people already use it so they have approve this camping.

[Sionsak]

This would be really great to the crypto currency market. If the countries allow crypto currencies as a source of transaction then the inflations and other hazards created by fiat currencies will be reduced. The decision to take crypto currencies as donations is not finalized yet but we hope that this agreement gets happen.

[Vengeance007]

This would be a great news if California Fair Political Practice Committee allows crypto currencies as a medium of donations. Every country should give clearance regarding the use of crypto currency and allow people to get rid of carrying fiat money.

[VogueaNON]

Though the agreement has not conformed yet but if it gets happen then it will be great for the crypto currency market. Crypto currency has the potentiality to rule the world by taking the place of fiat money or real dollars. Countries should allow the crypto currencies for use.

[glaccief]

This is a great news. If crypto are used in everyday needs and are given the chance to be explored, it will be a great thing for the coin's growth. It will be even better if other countries took note of this too and would adapt to this as well.

[quandrel]

we need to understand: there are still problems that need to be solved. and while we are waiting for good news nothing happens. These things are serious. and it has to be resolved absolutely.

[ZoomhashLLC]

It is definitely something that needs to be allowed for campaigners.

Money is money, value is value, am I right? 

Austin Petersen, a US Senate candidate was forced to return a $130,000 Bitcoin donation he received during his campaign due to federal regulations for campaign contributions.

Notably, this wasn’t the first time that Petersen has been forced to return a large bitcoin donation. He told CCN that his campaign has twice been forced to refuse donations of approximately $250,000 for exceeding the FEC limit on individual campaign contributions.

Source: https://www.ccn.com/crypto-loving-us-senate-candidate-forced-to-return-130000-bitcoin-donation/

[Whicee]

It will be great if this happens. All we can do is to pray so that they accept it. It will be a great news for crypto users. But their concern about ensuing fraud is really a big problem as scamming has become a huge problem in crypto currency. Hope they will find a way to solve it and will accept it.

[ZoomhashLLC]

I just found this on FEC.gov:

https://www.fec.gov/help-candidates-and-committees/filing-reports/bitcoin-contributions/

[dothebeats]

If they would, there'd be many people on the streets talking about fraud and whatnot, all the while ignoring fiat donations and shady dealings during an election campaign. It will be an issue for sure, but at the end of the day, if the local government of California recognizes bitcoin as money, why would others don't? Also, inevitably these bitcoins will be converted into fiat knowing that not every campaign materials and/or services can be paid with bitcoin, so what's the fuss about?

[squatter]

If they would, there'd be many people on the streets talking about fraud and whatnot, all the while ignoring fiat donations and shady dealings during an election campaign.

I suspect you're right.

I've worked on the legal/compliance of side of campaigns before. While it seems like the FPPC, FEC and others are open to the idea of political committees accepting cryptocurrency, there are a couple angles from which it seems problematic.

For one thing, regulators may opine that BTC contributions are akin to cash contributions because there are no banks involved and there's no way to verify funding source. If so, that means there will be much lower contribution limits than for checks or credit cards. That's one way to limit allegations of campaign money laundering and fraud -- by limiting the amount of money that can come from cryptocurrency.

Also, inevitably these bitcoins will be converted into fiat knowing that not every campaign materials and/or services can be paid with bitcoin, so what's the fuss about?

I think it's about knowing/verifying/disclosing the identity of donors. In California elections, donors of $100 or more are supposed to be publicly disclosed on campaign finance reports.

[xWolfx]

They are definitely smart people knowing the power this currency have. However, it's better for people wanting to invest more for it to wait since that would increase the price for sure - Depends on the committee at the end.

I personally would like them a lot more if they do it. It would prove an impressive adaptability on their part.

[Phlaser]

No sooner than later will more use case of bitcoin dominate the world as it offers better resolutions to basic problems of man. Bitocin will surely be reckoned with and all disparities surrounding Bitcoin will disappear naturally. I trust California to accept Bitcoin and witness the power it possess.

[gidaahmad]

Cryptocurrency goes into politics. Of course this will attract a lot of eyes. Of course they know that many people among them hold crypto coins. And with cryptocurrency, they can collect funds with a wider range.

[yugyug]

It is a good move to accept cryptocurrencies as part of campaign donation and a donor can now safely and privately contribute to the campaign where the transactions of cryptocurrencies are anonymous thus preventing from any conflict of interest to the political parties. I hope that blockchain technology can also be applied to voting system.

[nikki4]

This is a good way to allow another opportunity for both ends. The campaigners will surely get more donation most especially to those people the gladly share their crypto currencies as well as to the side of crypto currency, it will boost its use as more people will come reach and notice the importance of crypto currencies, and for that, I think that they will truly approve it.