Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
FEC to accept bitcoin for PAC donations
WASHINGTON (5/12/14)--The Federal Election Commission (FEC) has unanimously approved the use of the digital currency bitcoin for political donations.
 
In a May 8 statement, Chairman Lee Goodman noted that "bitcoin contributions will be regulated and reported by recipient political committees as in-kind contributions."
 
Members of the commission have imposed several conditions on these contributions, most notably that they cannot be anonymous, and campaign treasurers must scrutinize the donations for "evidence of illegality" ( USA Today May 9).
 
Additionally, Goodman said the commission lacks statutory authority to impose limitations. Although the requesting party, Make Your Laws PAC, said it would voluntarily limit acceptance of bitcoins to no more than $100 from any single contributor, as a general rule, the FEC lacks the authority to impose such a limitation on bitcoin contributions.
 
An article in Politico (May 9) also stated that the ruling "does not prevent political committees from testing the boundaries of federal law on crypto-currencies."
 
Attorney Dan Backer, who has created a bitcoin political action committee, told Politico that his organization plans to press Congress and the FEC with further questions on bitcoin and other digital currencies.
 
Other Resources

FEC statement (PDF)
RSS





print
News Now LiveWire
CUNA: CUNA offices closed through Friday, News Now returns Monday http://t.co/a5xbLzQKDj
12 24 ago
Reminder: @CUNA's Madison, D.C. offices will be closed through Friday, open again on Monday. #NewsNow will publish Monday.
12 23 ago
MI dentist to match @CUDirect's $20K to @HurleyMedical as a result of #20for20 online voting http://t.co/hqmIc9LpK1 @CMNHospitals
12 23 ago
New #creditunion chartered in St. Louis - #LutheranFCU - by @TheNCUA http://t.co/faPfANGS0P. Only 3rd new FCU charter this year.
12 23 ago
Don't get hacked during the holidays-use these tips from @CUNA http://t.co/jEqxni6NhO #StoptheDataBreaches http://t.co/woIxPOIyys
12 23 ago