The Commission on Fair Political Practice of California (FPPC) intends to prohibit donations in cryptocurrencies for political campaigns. The declared reason was the unacceptably low level of transparency of such financial transactions.
.@CA_FPPC voted to prohibit the use of cryptocurrency, including bitcoin, for political contributions amid concerns that the anonymity it provides would make it difficult to identify who is trying to influence elections. https://t.co/T7tR5X1PYj
— BMH Law (@Political_Law) September 20, 2018
Representatives of the FPPC voted for a ban that would not allow candidates for political positions to accept donations in cryptocurrencies. The first hearing of the case took place in August 2018, but at that time the commission was unable to reach a consensus.
Having studied all aspects of the issue, the regulator came to the conclusion that the impossibility of identifying the sender of funds is unacceptable for the political environment.
Representatives of the FPPC noted that the decision is not final. In the future, additional debates will be held, and the position may change.
At the moment, based on the decision of the U.S. Federal Election Commission from 2014, candidates for political positions can accept donations in cryptocurrency (including bitcoins).
Earlier, one of the candidates for the U.S. House of Representatives from the State of New York, Patrick Nelson began accepting donations in bitcoins from his supporters.
We're a 21st Century campaign and as such we embrace new technologies like #bitcoin @BitPay @aplusk #NY21 #21for21 #grassroots #NotmeUS https://t.co/gpHvf7rQbn
— Patrick Nelson (@PatFNelson) August 22, 2017
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