American midterm elections are about to get underway this year, and with cryptocurrency being high in demand an idea has struck the Californians. A meeting by the California Fair Political Practices Commission has debated on cryptocurrency being used as donations for elections. The meeting was held on August 16th by members of the commission discussing how cryptocurrencies can be best used.
According to the details retrieved, the cap of cryptocurrency will be at $100 per donation as a control of the funds received. It is bound to put into place a precedent for other states to follow cryptocurrency donations during election campaigns.
Alice Germon the Chairwoman said-
“I would be inclined to think that bitcoin is a thing that is not U.S. money but is more like a currency, like the euro. But I would like to hear more to develop my thinking on this.”
Commissioner Allison Hayward explained the benefits cryptocurrencies by saying-
“I think cryptocurrencies are obviously new and designed to be confidential but the blockchain technology I think might ultimately be a very robust tool in tracing activity.”
Bitcoin is seen to be accepted already for election campaigns. It was accepted as a contribution by Republican Andrew Hemingway back in 2014. 20% of Hemingway’s total political contributions came from Bitcoin. Austin Petersen from Missouri received 24 Bitcoin contributions this year. Austin Peterson’s Bitcoin collection for election campaign was the largest in federal elections history.
A user on Twitter by the name of ‘jerami’ suggested a Blockchain platform to track donors, donations and recipient politician.
A Reddit user by the name of ‘coinmary’ even provided a detailed list of politicians who accept Bitcoin as donations.
The Reddit stated–
The below politicians are accepting money in bitcoin in order to run for a government position and are accepting donations in bitcoin
What do you think about the future of bitcoin, looking at how these people are accepting bitcoin in order to raise money to run for an election.
Author: Amrit Mirchandani