Governance, Internet

US Government now accepts bitcoin political donations

The political candidates in US can accept virtual currency donations in form of Bitcoin, as voted by the Federal Election Commission on Thursday, reported New York Times. The decision was taken in lieu of the request from the politicl action committee.

The advisory defined Bitcoins as “money or anything of value” — in essence, cash or an in-kind contribution, under the Federal Election Campaign Act of 1971.

Initially, the donations are imposed with a cap at a cash equivalent of USD 100 per person per cycle. The value will be determined at the time of donation and a complete record of donator’s name, address and employer has to be maintained.

The committees will have to power to decide when to liquidate the Bitcoin investments. However, it is must to convert it into US dollars before depositing in the campaign account. Also, bitcoins are not allowed to use for purchasing campaign goods and services, as stated in a Reuters’ post.

The announcement drew mixed reaction from the masses as well as dignitaries of the political world. Here are a few tweets to showcase some thoughts:



Recently, The U.S. Securities and Exchange Commission also released a report stating that Bitcoins lack trust and credibility. In this case, how fruitful this step would be for the US political parties in the upcoming elections, only time would tell.

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One comment

  1. 1

    This whole concept is a fraud. Campaign contributions from foreign sources are illegal. There is no way political parties or PACS can control this. They have to trust that the person depositing the Bitcoin is who they say they are. The FEC can’t enforce a requirement that it has authorized. I would note that Lois Learner came from the Federal Election Committee. I say there is a calculated intent and estimation that this approval will benefit certain political interests who would not object to receiving money from overseas sources because they are under the understanding that people overseas should favor them over the other guys.

    I am not in politics but if I was, I would seek to enact a law to reverse this order. If I were in the House of Representative, I would try to file a Bill of Impeachment against the Commissioners. This is partisan political bias and favoritism at its worse.

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