California Soon to Accept Cryptocurrency Campaign Donations
2022.07.23 04:38
California Soon to Accept Cryptocurrency Campaign Donations
- The Fair Political Practices Commission voted to approve new rules allowing digital currency donations.
- The new rules mention that candidates can accept cryptocurrency donations if they immediately convert the digital currency into local currency, U.S dollars.
- The newly imposed rules will be set within 60 days.
On Thursday, The Fair Political Practices Commission (FPPC) voted to approve new rules allowing digital currency donations, such as Bitcoin, for Californian candidates. Candidates soon will be able to accept cryptocurrency campaign donations.
As per sources, the new rules mention that candidates can accept cryptocurrency donations if they immediately convert the digital currency into local currency, U.S dollars. The FPPC states that this process requires all users to utilize a registered crypto processor to handle the transaction that will collect the name, address, occupation, and employer of each contributor.
Moreover, according to the commission staff report, the newly imposed rules will be set within 60 days. Additionally, twelve more states, including Washington D.C., allow crypto contributions by any means. Earlier, California had been one of the nine US states that prohibited cryptocurrency contributions.
Similarly, according to a CoinQuora article, on February 22, California registered in a list that includes all states in the US appearing to standardize bitcoin for tax payments.
Speaking on the topic, Colorado Governor Jared Polis stated:
Citizens would be to use bitcoin and other cryptocurrencies to pay state taxes by this summer.
Besides this, on March 9, President Biden signed an executive order outlining the risks of harnessing the potential benefits of digital assets and their underlying technology.
According to a statement from the Whitehouse, the order lays out a national policy for digital assets across six key priorities: Consumer and investor protection; financial; illicit finance; U.S. leadership in the global financial system and economic competitiveness; financial inclusion; and responsible innovation.
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