US approved cryptocurrency donations for federal elections

The Crowdpac platform will be used for voluntary contributions

06.05.2022 - 07:20

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What’s new? The US has approved the collection of cryptocurrency donations for the federal election through the Crowdpac platform. The platform’s representatives have clarified that the amounts collected will be passed on via direct deposit (ACH) or check. This ensures that election candidates receive the donations and can use them immediately.

Crowdpac’s press release

What is known about Crowdpac? The platform was launched in 2014 and has since raised over $32 million in contributions, with an average donation of $53,37. Crowdpac ensures that campaigns using it, including those that accept cryptocurrency, are in full compliance with Federal Election Commission (FEC) rules and regulations.

What events happened before? The Irish authorities would ban local political parties from accepting crypto donations due to concerns about foreign interference in elections. Ireland’s Local Government and Housing Minister Darragh O’Brien noted that the new laws were aimed at protecting the country’s democratic system. The Electoral Commission would monitor their compliance.

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