{"id":330,"date":"2013-11-10T15:42:00","date_gmt":"2013-11-10T15:42:00","guid":{"rendered":"http:\/\/blog.holytransaction.com\/us-federal-election-commission-to-allow\/"},"modified":"2022-12-27T00:19:35","modified_gmt":"2022-12-26T22:19:35","slug":"us-federal-election-commission-to-allow","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2013\/11\/us-federal-election-commission-to-allow.html","title":{"rendered":"US federal election commission to allow Bitcoin donations to political campaigns"},"content":{"rendered":"<div class=\"separator\" style=\"clear: both; text-align: center;\"><a style=\"margin-left: 1em; margin-right: 1em;\" href=\"http:\/\/www.gannett-cdn.com\/-mm-\/da28bb96f2b389e5bc0389da45d9e03903626b02\/c=282-0-2628-1764&amp;r=x404&amp;c=534x401\/local\/-\/media\/USATODAY\/onpolitics\/2013\/11\/08\/1383925297000-AP-Bitcoins-Rise.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.gannett-cdn.com\/-mm-\/da28bb96f2b389e5bc0389da45d9e03903626b02\/c=282-0-2628-1764&amp;r=x404&amp;c=534x401\/local\/-\/media\/USATODAY\/onpolitics\/2013\/11\/08\/1383925297000-AP-Bitcoins-Rise.jpg\" width=\"400\" height=\"300\" border=\"0\" \/><\/a><\/div>\n<div style=\"padding: 0px 0px 15px; text-align: justify;\"><\/div>\n<div style=\"padding: 0px 0px 15px; text-align: justify;\">(<a href=\"http:\/\/bitcoinexaminer.org\/us-federal-election-commission-to-allow-bitcoin-donations-to-political-campaigns\/\" target=\"_blank\" rel=\"noopener\">BitcoinExaminer<\/a>) It\u2019s official: after two months considering the proposal, the Federal Election Commission (FEC) has proposed a new rule that will allow political campaigns in the United States to accept Bitcoin. However, the candidates getting <a href=\"https:\/\/holytransaction.com\/blog\/2016\/08\/unicef-blockchain-to-improve-child-welfare.html\">cryptocurrency donations<\/a> won\u2019t be able to spend the virtual coins, according to a draft made public this week. The document states that the campaigns will have to convert the received Bitcoins before actually using them, with the digital coins being considered an \u201cin-kind\u201d form of contribution, like a stock or bond, the site Politico reports. Basically, this means the FEC doesn\u2019t consider Bitcoin as currency.<\/div>\n<blockquote style=\"color: #333333; line-height: 22px; margin: 5px 15px 20px; padding: 15px 20px 0px;\">\n<div style=\"color: #666666; font-style: italic; padding: 0px 0px 15px; text-align: justify;\">Because Bitcoins are neither the currency of any country nor negotiable instruments, Bitcoins are not \u2018money\u2019 under commission regulations. Therefore, a political committee that receives Bitcoin contributions may not treat them as monetary contributions.<\/div>\n<\/blockquote>\n<div style=\"padding: 0px 0px 15px; text-align: justify;\">The decision is finally here after the Conservative Action Fund PAC requested the Federal Election Commission an official position, in September, regarding Bitcoin donations to political campaigns. With this new ruling, cryptocurrency joins other types of non-monetary contributions like private stocks, commodities and equipment, which must all have their value listed in US dollars on the campaign finance reports. When converting the cryptocurrency to US dollars, the exchange will probably charge a fee that will have to be considered part of the initial donation. Also, with the value of the currency floating on a daily basis, the campaign managers will have to be careful not to accept donations above the federal limits. In the meantime, members of the public can submit comments on the draft until November 13. After that, the commission will officially decide if the proposal deserves to be formally adopted.<\/div>\n<p>Open your free digital wallet <a href=\"https:\/\/holytransaction.com\/app#!\/signup\">here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>(BitcoinExaminer) It\u2019s official: after two months considering the proposal, the Federal Election Commission (FEC) has proposed a new rule that will allow political campaigns in the United States to accept Bitcoin. However, the candidates getting cryptocurrency donations won\u2019t be able to spend the virtual coins, according to a draft made public this week. The document [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":961,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37,244,468,542,656],"tags":[922,1126,1201,1307],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.6 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US federal election commission to allow Bitcoin donations to political campaigns -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/holytransaction.com\/blog\/2013\/11\/us-federal-election-commission-to-allow.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US federal election commission to allow Bitcoin donations to political campaigns\" \/>\n<meta property=\"og:description\" content=\"(BitcoinExaminer) It\u2019s official: after two months considering the proposal, the Federal Election Commission (FEC) has proposed a new rule that will allow political campaigns in the United States to accept Bitcoin. 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