California regulator to allow politicians to accept cryptocurrency donations
The FPPC has ruled that candidates can receive donations in the form of digital assets, subject to immediate conversion into US dollars
22.07.2022 - 17:15
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What’s new? On July 21, the California Fair Political Practices Commission (FPPC) passed a law allowing candidates in state and local government elections to receive donations in cryptocurrency. Under the new law, politicians can accept donations in the form of digital assets, provided the funds received are immediately converted into dollars. It will take effect 60 days after it is passed, the LA Times newspaper reports.
Information on the LA Times website
What is the essence of the law? The document stipulates that the candidate must work with a registered cryptocurrency provider to process transactions. The provider must also comply with KYC (“Know Your Customer”) requirements, such as collecting information on the contributor’s name, address, profession, and employer.
Earlier, the US Federal Election Commission (FEC) issued a recommendation regarding bitcoin donations to election campaigns. The regulator ruled that candidates could receive bitcoin as long as the asset was converted into another form of currency.
However, the FEC said that holding BTC does not exempt political committees from the obligation to return the contribution if it comes from a prohibited source or exceeds permissible limits. The commission added that political committees should assess digital currency contributions based on the market value at the time of contribution.
Earlier, the US approved the collection of cryptocurrency donations for federal elections through the Crowdpac platform. The platform’s representatives clarified that the amounts collected would be passed on via direct deposit (ACH) or check. This ensures that election candidates receive the donations and can use them immediately.
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