Bitcoin Forum
April 25, 2019, 12:56:37 AM *
News: Latest Bitcoin Core release: 0.17.1 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: [2014-05-08] RT: Bitcoin approved for political donations  (Read 626 times)
Nemo1024
Legendary
*
Offline Offline

Activity: 1624
Merit: 1004



View Profile WWW
May 09, 2014, 11:31:20 AM
 #1

Bitcoin approved for political donations
http://rt.com/usa/157764-fec-okays-bitcoin-for-pacs/
Quote
The Federal Election Commission made a first-of-its-kind decision Thursday, issuing guidance to allow political action committees to accept Bitcoin donations from their supporters.

The FEC voted 6-0 to allow Make Your Laws PAC to accept up to $100 worth of bitcoin per contributor each election, but must “sell the bitcoins it purchases and deposit the proceeds into its campaign depository before spending those funds,” the panel said in its advisory opinion memo to the PAC. It also said that PACs “should value that contribution based on the market value of bitcoins at the time the contribution is received,” and that “earnings (or losses) realized upon the sale of any bitcoins ... must be reported like other investment earnings or losses."

Quote
“That means anytime you use it, you must account for it in the same way you would the sale of a stock for capital gains purposes. Not doing so is illegal and punishable as tax avoidance,” Boom Bust producer Edward Harrison said in an e-mail. “Using bitcoin as payment for PACs, therefore makes PACs subject to IRS search warrants to catch individuals avoiding taxes illegally. And given what we have seen in Switzerland in cracking down on tax avoidance, we should fully expect the IRS to use this to justify PAC search warrants, whether politically motivated or not.”

Quote
Despite the potential legal ramifications from the Pentagon, SEC or the IRS, politicians are already jumping on the Bitcoin wagon. Rep. Jared Polis (D-Co.) was the first pol out of the gate, less than six hours after the FEC decision.

A reader comment  Grin
Quote
Chris Mills 09.05.2014 01:12

WOW, I'm shocked! Who'd have thought the government would want to control digital currency!?
There is NOTHING we can create that they won't control us with.
If I was God I'd apologise for any inconvenience and then send a few solar flares to wipe us all out. It's only 6 days of work lost.

“Dark times lie ahead of us and there will be a time when we must choose between what is easy and what is right.”
“We are only as strong as we are united, as weak as we are divided.”
“It is important to fight and fight again, and keep fighting, for only then can evil be kept at bay, though never quite eradicated.”
The network tries to produce one block per 10 minutes. It does this by automatically adjusting how difficult it is to produce blocks.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1556153797
Hero Member
*
Offline Offline

Posts: 1556153797

View Profile Personal Message (Offline)

Ignore
1556153797
Reply with quote  #2

1556153797
Report to moderator
1556153797
Hero Member
*
Offline Offline

Posts: 1556153797

View Profile Personal Message (Offline)

Ignore
1556153797
Reply with quote  #2

1556153797
Report to moderator
1556153797
Hero Member
*
Offline Offline

Posts: 1556153797

View Profile Personal Message (Offline)

Ignore
1556153797
Reply with quote  #2

1556153797
Report to moderator
bryant.coleman
Legendary
*
Offline Offline

Activity: 2058
Merit: 1011


https://amastar.net


View Profile
May 09, 2014, 11:46:15 AM
 #2

I am not too sure about this limit of $100 contribution from any single person per election. How they will calculate the limit if a single guy sends in his coins from 25 different addresses, all under $100?


                                                ▄
                                                ▒▌
                                               ███
                                              ▒███▌
                                             ▐█████▌
                                             ███▒███
                                            ███▌ ▐███
                                           ▐███   ▒██▌
                                          ▐▒██     ███▌
                      ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄███▌     ▐███▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄
                        ▀███████████████████▌       ▒███████████████████▀
                                                                ▄▄███▀
     ▐██████▌      ▒█████▌     █████▒       ███▒███          ▄▄███▀
    ▐███  ███▌     ▒██▌▒███   ███▒▒█▒      ███▌ ▒███      ▄▄███▀
   ▄███▒  ▐▒██▌    ▒██▌ ▒███ ███  ▒█▒     ███▒   ▒███   ▄███▀
  ▒████████████▌   ▒██▌  ▒█████   ▒█▒   ▐█████████████▄ ███▌
 ▒███        ████  ▒██▌   ▐███    ▒█▒  ▐▒██▒       ▒██▒▌▐███
                                              ▄███▄      ▒██▌
                                           ▄████▀████▄    ▒██▌
                                        ▄████▀     ▀████▄  ███
                                     ▄████▀           ▀████████
                                  ▄████▀                 ▀█████▌
                                ▐███▀                       ▀███
                                ▒▀                             ▀▒
..
AmaStar
















EARN
FOR
PORN














Bonus from 20%
Ambassador pornstars














ANN   Whitepaper   Telegram   
BountyLinked In   Twitter   
                    ▄
                   ▓▓
                  █▓▓▓
                 ▐▓▓▓▓█
                 ▓▓▓▓▓▓
                ▓▓▓▓▓▓▓▓
               █▓▓▓▓▓▓▓▓█
▀██████████████▓▓▓▓▓▓▓▓▓▓██████████████▀
  ▐▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▀
     ▀▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▀
        ▀▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓
           ▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓
           ▐▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓█
           ▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓
          ▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓
         ▐▓▓▓▓▓▓▓▀    ▐▓▓▓▓▓▓▓█
         ▓▓▓▓▓▀          ▐▓▓▓▓▓▄
        ▓▓▓▓                ▀▓▓▓
       ▐▓                      ▓▀
b!z
Legendary
*
Offline Offline

Activity: 1582
Merit: 1006



View Profile
May 09, 2014, 01:33:46 PM
 #3

I am not too sure about this limit of $100 contribution from any single person per election. How they will calculate the limit if a single guy sends in his coins from 25 different addresses, all under $100?

Quote
“A committee treasurer is responsible for examining all contributions received for evidence of illegality and for ascertaining whether contributions received, when aggregated with other contributions from the same contributor, exceed the contribution limitations,” read the proposal.

It continued by saying that if the “contribution cannot be determined to be from a legal source, the treasurer must refund the contribution within 30 days of the receipt of the deposit or the discovery of the illegality.”

http://www.coinbuzz.com/2014/05/09/fec-bitcoin-ruling/
bryant.coleman
Legendary
*
Offline Offline

Activity: 2058
Merit: 1011


https://amastar.net


View Profile
May 09, 2014, 01:37:09 PM
 #4

^^^ WTF? So they should refund the Bitcoin contributions if it is made anonymously? Then what is the use of doing Bitcoin donations. We use Bitcoin for the anonymity it provides. This news is no good for us.


                                                ▄
                                                ▒▌
                                               ███
                                              ▒███▌
                                             ▐█████▌
                                             ███▒███
                                            ███▌ ▐███
                                           ▐███   ▒██▌
                                          ▐▒██     ███▌
                      ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄███▌     ▐███▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄
                        ▀███████████████████▌       ▒███████████████████▀
                                                                ▄▄███▀
     ▐██████▌      ▒█████▌     █████▒       ███▒███          ▄▄███▀
    ▐███  ███▌     ▒██▌▒███   ███▒▒█▒      ███▌ ▒███      ▄▄███▀
   ▄███▒  ▐▒██▌    ▒██▌ ▒███ ███  ▒█▒     ███▒   ▒███   ▄███▀
  ▒████████████▌   ▒██▌  ▒█████   ▒█▒   ▐█████████████▄ ███▌
 ▒███        ████  ▒██▌   ▐███    ▒█▒  ▐▒██▒       ▒██▒▌▐███
                                              ▄███▄      ▒██▌
                                           ▄████▀████▄    ▒██▌
                                        ▄████▀     ▀████▄  ███
                                     ▄████▀           ▀████████
                                  ▄████▀                 ▀█████▌
                                ▐███▀                       ▀███
                                ▒▀                             ▀▒
..
AmaStar
















EARN
FOR
PORN














Bonus from 20%
Ambassador pornstars














ANN   Whitepaper   Telegram   
BountyLinked In   Twitter   
                    ▄
                   ▓▓
                  █▓▓▓
                 ▐▓▓▓▓█
                 ▓▓▓▓▓▓
                ▓▓▓▓▓▓▓▓
               █▓▓▓▓▓▓▓▓█
▀██████████████▓▓▓▓▓▓▓▓▓▓██████████████▀
  ▐▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▀
     ▀▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▀
        ▀▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓
           ▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓
           ▐▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓█
           ▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓
          ▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓
         ▐▓▓▓▓▓▓▓▀    ▐▓▓▓▓▓▓▓█
         ▓▓▓▓▓▀          ▐▓▓▓▓▓▄
        ▓▓▓▓                ▀▓▓▓
       ▐▓                      ▓▀
Lethn
Legendary
*
Offline Offline

Activity: 1540
Merit: 1000



View Profile WWW
May 10, 2014, 09:03:20 AM
 #5

lol! You can't just 'stop' somebody from receiving Bitcoin donations, especially when all you need is an address, this ruling is full of holes already.
Chef Ramsay
Legendary
*
Offline Offline

Activity: 1568
Merit: 1000



View Profile
May 10, 2014, 06:42:26 PM
 #6

^^^ WTF? So they should refund the Bitcoin contributions if it is made anonymously? Then what is the use of doing Bitcoin donations. We use Bitcoin for the anonymity it provides. This news is no good for us.
My guess is those that have enough BTC to spare and donate it are likely hardcore libertarians and anarchists that would likely have the coin to further candidates of those ideals. Specifically, Tea Party or Liberty Movement Republicans going up against establishment, corporatist blood suckers.
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!