Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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
NCUA confirmed earlier indications that there would be no National Credit Union Share Insurance Fund premium for 2014.
13 hours ago
.@NJCUL supported prized-linked savings legislation introduced in New Jersey state Senate.
13 hours ago
#creditunions emphasize co-op principles during National Co-op Month #NewsNow http://t.co/zEb9UFot1N
20 hours ago
Servicemember's spouse drives away with Bank on More's SUV thanks to #missouri #creditunions http://t.co/WvTrKxh0sV
21 hours ago
From @FHFA this a.m.: U.S. house prices up 0.5% in Aug. on seasonally adjusted basis from previous month. More here: http://t.co/1yVDOPggeX
22 hours ago