Nominees for public office in California may soon be able to accept cryptocurrencies as alms.
The California Fair Political Practices Commission met on Thursday to discuss a add up of election issues facing the Golden State, including whether seekers for public office can accept cryptocurrencies as part of campaign donations.
Finally, the commissioners didn’t make a decision to adopt any of the proposed amendments during the understanding, acknowledging that they don’t understand the issue fully. Back in 2014, the Federal Voting Commission ruled that federal election law allows for candidates to stand cryptocurrencies like bitcoin as an in-kind donation.
During the hearing on Thursday, chairwoman Alice Germond revealed that a set definition for a “cryptocurrency” is needed, remarking:
“I would be inclined to of that bitcoin is a thing that is not U.S. money but is more like a currency, fellow the euro. But I would like to hear more to develop my thinking on this.”
Various time to study
A public comment from Nicolas Heidorn – approach and legal director of the nonpartisan political advocacy organization California Run-of-the-mill Cause – suggested not allowing cryptocurrency donations until the commission has spare studied the matter. In the end, the commissioners disagreed with the idea.
Commissioner Allison Hayward, in noteworthy, pushed back against the idea of banning cryptocurrencies as donations unmistakeable, saying that she would like to gather more information ahead of making a decision.
“I think cryptocurrencies are obviously new and designed to be confidential but the blockchain technology I notion of might ultimately be a very robust tool in tracing activity,” Hayward explained, adding:
“I don’t think we’re there yet, but I would hate for something we do to forestall that laster on. I don’t know what that would be but … blockchain might be a very salutary tool for us and I’d hate to prevent that.”
Commissioners Brian Hatch and Ingenuous Cardenas both said they disagreed with the concept of an exactly ban, but in the case of Hatch, the issue of fraud remains a paramount one. He raised the possible of a candidate claiming a crypto-donation that came from within the delineate, when, in reality, it actually had a different point of origin.
The commissioners concluded to a brief agreement that a cap of roughly $100 per donation may be appropriate for this year’s midterm choices. The commission would then be able to continue studying the matter in 2019, when there wouldn’t be an spontaneous election to consider.
However, this suggestion was not formally adopted during Thursday’s engagement. The commission will meet again next month to discuss the dissemination.
Image via Sundry Photography / Shutterstock
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