Cryptocurrencies enter Congress .. Republicans accept donations for their campaigns

Cryptocurrencies enter Congress .. Republicans accept donations for their campaigns

Axios realizes that the Republican campaign in the US House of Representatives will begin accepting campaign donations. Cryptocurrency.

The Congress Republican National Committee (NRCC) is the first biased national body to solicit cryptocurrency contributions, and is at the forefront of new and controversial financial technologies that can test campaign finance laws.

The Republican Committee told Axios that donations would be processed using the payment processor BitPay. Cryptocurrency donations are instantly converted to dollars before entering the NRCC number.

This means that donated cryptocurrency is never held by the commission, which allows individual donations of up to $ 10,000 per year in lieu of the cap 100 cap for the actual exchange of cryptocurrencies such as bitcoin.

In other words, NRCC does not actually receive cryptocurrencies, it only seeks revenue from sales. It highlights the smooth treatment of cryptocurrency holdings in political contributions.

“We are focused on pursuing all possible avenues to end Nancy Pelosi’s socialist agenda and re-establish a majority in the House of Representatives, and this innovative technology will help Republicans provide us with the resources we need,” Republican Rep. Tom Emmer said in a statement.

Emer is co-chair of the Blockchain Conference in Congress and a member of the House Financial Services Committee.

He recently urged the IRS to loosen the rules regarding cryptocurrency donations to charitable groups.

Although the NRCC was initially a partisan body, few federal political candidates accepted “coded” contributions.

The Federal Election Commission has expressed concern about inconsistencies between federal laws on transparency, disclosure and anonymity designed to make cryptocurrencies available. It is suggested that the NRCC, like other political committees requesting cryptocurrency contributions, carefully collect information that identifies all individuals who use cryptocurrency to make donations.

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