The FEC has already ruled unanimously in 2014 that political committees could accept donations in the form of bitcoin, which many believed set a precedent for the digital currency eventually being accepted by PACs, or political action committees. The limit for bitcoin that could be donated was set at $100. Candidates for the 2020 presidential election may be able to accept cryptocurrency mining profits as campaign donations.. Could Mining Reform Political Campaigning?. Osia Network, LLC, recently made a request to embed cryptocurrency mining tools on the FEC website and the U.S Federal Election Committee (FEC) is considering whether or not mining profits could be used to support political campaigns. The FEC previously wrote an advisory opinion in 2014 on financing campaigns with the number one cryptocurrency, Bitcoin . The FEC then said that campaigns could receive BTC as donations, but only as in-kind donations, i.e. as a donation of goods and services and not as money. This means that the BTC cannot be used in transactions directly, but could be converted to fiat money and deposited. As ... Bitcoin donations have been helping politicians organize well-funded electoral campaigns in recent times. Candidates are putting more interest in bitcoin and other cryptocurrencies now since they are a proven and viable means of getting substantial campaign donations. Obama Funded with Credit Cards, Next Generation Politics Uses Bitcoin. According to ABC News, Missouri Republican Austin ... Also read: “Stablecoin” Trueusd Pumps After Binance Listing 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 ... Let us also remind that the FEC first allowed Bitcoin donations to political candidates in 2014. In 2017-2018 a total of donations made in cryptocurrency to nine federal candidates amounted to ... This is not the first time the FEC has fielded a request related to cryptocurrency as the committee unanimously ruled that political action committees (PACs) were permitted to accept bitcoin donations not exceeding $100 in 2014. At the time, people believed this decision was a potential turning point for wider cryptocurrency adoption and the committee also required contributors to provide ... It’s official: after two months considering the proposal, the Federal Election Commission (FEC) has proposed a new rule that will allow political campaigns in the United States to accept Bitcoin.However, the candidates getting cryptocurrency donations won’t be able to spend the virtual coins, according to a draft made public this week. Recent Posts. Bitcoin Campaign Contributions Are Getting More Mainstream September 18, 2020; Binance immediately lists Uniswap’s new token as excitement mounts By Cointelegraph September 18, 2020; iOS 14.2 beta adds new Control Center toggle for built-in Shazam music recognition September 18, 2020 ‘Growth hacker’ hides 100 caches of Bitcoin Cash around city September 18, 2020 The firm has requested the Federal Election Commission to look at whether crypto mining is viable in funding political campaigns. The Federal Election Commission (FEC) has been invited by the OsiaNetwork LLC to provide an advisory opinion “confirming the permissibility of OsiaNetwork’s business plan under the Federal Election Campaign Act of 1971.”
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