Bitcoin trade group pushes FEC to approve virtual currency for political donations
The Bitcoin Foundation submitted comments to the FEC, which is expected to issue guidance next month about whether the currency can be contributed to federal campaigns and, if so, how the transactions would be reported.
Proponents point to the FEC’s allowance of credit card payments, automatic bank transfers or even text messages to make campaign donations.
“While bitcoins may be novel in that they are digital in nature, the issues raised by accepting bitcoin political contributions are fundamentally no different than other forms of contributions that the Commission has previously approved,” according to an excerpt of the comments.
The firm Perkins Coie LLP submitted the comments on behalf of the nonprofit Bitcoin Foundation.
The commission has until Oct. 28 to issue an advisory opinion on the matter after a conservative political action fund sought permission to accept and spend the virtual currency.
Bitcoins exist only online but can be used to buy real-world goods and services, and are accepted by a growing number of Internet retailers.
The Hill has removed its comment section, as there are many other forums for readers to participate in the conversation. We invite you to join the discussion on Facebook and Twitter.