Last updated on January 2nd, 2018 at 12:00 am
The North-American Federal Election Commission is working to create rules regarding Bitcoin donations, especially within political campaigns. The Attorneys for Conservative Action Fund PAC started the debate after asking the institution if political candidates and outside groups were allowed to accept digital currency, besides US dollars.
“As increasing numbers of individuals trade in Bitcoin, political parties and candidates also wish to accept and spend this new currency”, Dan Backer of DB Capitol Strategies wrote in the request, which poses 24 technical questions to the FEC regarding the use of Bitcoin as a form of political contribution.
Talking to the website Politico, Dan Backer told he expects the increase of the candidates interest in Bitcoin by 2014. Besides, many donors will demand it, he adds. “We see a real future for this, especially among libertarian-minded supporters”, the expert explains.
Although some candidates had already decided to take Bitcoin donations, the rules weren’t clear on this matter. However, the fluctuations in the value of cryptocurrency might pose complications for campaign committees.
By law, the FEC now has 60 days to respond to the request. Nevertheless, it’s always possible to get an extension of that deadline.