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US Election Commission Allows US$100 in Bitcoin Donations to Political Committees

By: PanAm Post Staff - May 9, 2014, 9:52 am

In a swift 6-0 vote, the Federal Election Commission (FEC) gave a green light on Thursday to bitcoin donations for political committees up to an individual limit of US$100 for each election cycle.

The panel’s unanimous decision came after a political action committee (PAC), Make Your Laws, requested guidance on whether accepting donations in bitcoin was permitted by US campaign finance laws.

According to the advisory opinion issued by the FEC, PACs may also buy bitcoins. However, the panel agreed they “must sell the bitcoins it purchases and deposit the proceeds into its campaign depository before spending those funds,” citing concerns over money laundering associated with the virtual currency known for its decentralized nature and relative anonymity. The FEC did not approve the use of bitcoin to directly purchase goods and services.

Make Your Laws PAC will require bitcoin contributors to list their names, addresses, occupations and employers, and affirm they own the bitcoins they are donating.

Source: Reuters.