US Federal Election Commission approves use of Bitcoin for campaign contributions

by Inline Policy on 09 May 2014

The Federal Election Commission (FEC) has unanimously approved the use of Bitcoin for political donations after months of debate on the issue. Commissioners imposed several conditions. Among them: No anonymous bitcoin contributions will be allowed, and campaign treasurers must scrutinize the donations for "evidence of illegality."

Jim Harper, global policy counsel of the industry's Bitcoin Foundation, said the FEC's move lends further legitimacy to the computer-generated currency. "It's another part of the growing body of regulation that establishes bitcoin as a co-equal part of the financial services system."

Political observers say they expect bitcoin's use to be embraced first by candidates cultivating voters in tech-savvy circles where the currency first gained acceptance. "You may not see a lot of establishment candidates in the parties" rushing to accept the currency just yet, said Michael Toner, a Washington campaign-finance lawyer and a former FEC chairman.

policy-regulation-tech-sector-guide

Source: USA Today

Topics: Financial Services Regulation, UK business, Economic policy

Inline Policy

Written by Inline Policy

Get the latest updates from our blog

Related Articles

Distributed Ledger Technology (DLT), sometimes referred to as blockchain, is coming under increased scrutiny ... Read more

To a rather muted fanfare, the British Government published its industrial strategy green paper last month. ... Read more

2017 is set to be a year of acceleration in the pace of regulation of the financial services sector at global ... Read more

In July, the Financial Conduct Authority (FCA) – the body that regulates loan-based and investment-based ... Read more

The prospect of video gamers becoming paid professionals, and people placing bets on the outcome of contests, ... Read more

Comments