Crypto-donation – The popularity of cryptocurrencies in the United States is accelerating, particularly in the political sphere. While Miami’s mayor is continuously praising the virtues of his preferred cryptocurrency, Bitcoin, the Fair Political Practices Commission of California only authorized by vote on Thursday the authority to make bitcoin donations to local elected officials during their campaign.
Bitcoin Donations Yes, but converted in dollars.
Donations in cryptocurrencies have been prohibited in the state of California since 2018. That era has passed, with the Sunshine State now accepting Bitcoin and other cryptocurrencies for political campaigning. This law affects candidates for state and municipal offices.
Not all states in the United States allow Bitcoin and other cryptocurrencies as political campaign donations. There are still 9 – now 8 – irreducibles that invalidate this theory. Thus demonstrating a flaw raised by Coinbase in its dispute with the SEC yesterday. The latter charges the site with failing to register some cryptocurrencies as securities. Coinbase then issued a press statement criticizing the two-speed legislation and the lack of an open framework.
This choice by certain local crypto-friendly government leaders has the advantage of contributing to the progressive acceptance of cryptocurrencies. Furthermore, the decentralization of digital assets and the quick transactions they enable make them a viable way of distributing donations.
