FEC Allows Small Bitcoin Political Contributions

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On May 8, the FEC unanimously approved an advisory opinion permitting political committees to accept bitcoin contributions of $100 or less, and allowing political committees to buy and sell bitcoins as an investment. Each contributor would have to provide his or her name, physical address, occupation, and employer; affirm that he or she owns the bitcoins that he or she will contribute; and affirm that he or she is not a foreign national.  The virtual currency would be treated as an in-kind contribution; i.e., it would have to be converted to dollars before spending. The opinion does not address whether committees may take larger bitcoin contributions. The FEC remains deadlocked on whether committees may use bitcoin contributions to acquire goods and services.

 

 

Topics:  Advisory Opinions, Bitcoins, FEC, Investment, Political Contributions

Published In: Elections & Politics Updates, Finance & Banking Updates, Science, Computers & Technology Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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