Cryptocurrency continues to grow in popularity across the world. That being said, it’s understandable that many are still warming up to this new type of currency. Therefore, it would be expected that something as potentially revolutionary as cryptocurrency would divide those within the world of politics. However, Colorado’s Secretary of State Wayne Williams recently created a proposal allowing for cryptocurrency to be accepted as political campaign funding.
Cointelegraph reports that Williams made this proposal and presented it on May 16th. While this proposal hasn’t been officially approved, it doesn’t appear that much will be able to stop it from passing. In addition, the US Federal Election Commission has already deemed it acceptable to receive Bitcoin as a donation for political campaigns. Under the FEC’s rules, cryptocurrency can be accepted as a type of donation but must be transferred within 10 days to a depository.
Interestingly, a similar bill that was proposed weeks ago to allow for cryptocurrency donations in Colorado was voted down. Many within the state of Colorado feel that the acceptance of cryptocurrency for donations could become extremely hard for accountants. While working with an entirely new set of accounting rules might be daunting, many campaigns are likely to be excited upon hearing this news. Cryptocurrency continues to remain popular and could be a major source of funding for Colorado’s future political campaigns.
To summarize, Colorado’s Secretary of State recently proposed that cryptocurrency should be accepted as a way to contribute to local political campaigns. Colorado wouldn’t be the first state to allow cryptocurrency for political donations, this distinction goes to New Hampshire. That being said, this ruling could drastically change how local politicians appeal to voters while seeking donations. It remains to be seen if other states will begin pushing for the allowance of cryptocurrency as a campaign donation method in the future.
Dil Bole Oberoi
