Crypto Donations Banned in North Carolina for Political Campaigns
The electoral campaign finance board of the state of North Carolina in the United States has prohibited election candidates from accepting crypto donations to fund their campaigns.
While the Federal Election Commission in 2014 allowed candidates to accept cryptocurrency donations for funding, the State campaign finance offices are free to set their own rules for the state election candidates in this matter.
Emmanuel Wilder, a republican candidate running in the 2018 U.S. midterm legislature elections sent an email to the North Carolina State Board of Election and Ethics Enforcement earlier this year about Bitcoin donations for his campaign. He also suggested how these donations could be valued as he expected that to be an issue the state would consider. He wrote in the email,
I know that this is new, but there is a great opportunity to show that North Carolina is truly open to new emerging markets.
Kim Westbrook Strach, State Board of Elections Executive Director for North Carolina replied to Wilder recently. She outlined the refusal and stated that this is because the monetary limits detailed in state campaign finance regulations are in U.S. dollars and therefore there will be problems of valuation associated with cryptocurrencies. She said,
We do not have the confidence that we could adequately regulate contributions to a political campaign in North Carolina in the form of cryptocurrency.
Wilder responded to Strach expressing his disappointment, however, he also expressed adoption of blockchain technology and cryptocurrency for different matters, including elections in the state at some point in the future. He said,
Although it might not be today, there will be a day when this technology will have a place in the political process.
The pseudo anonymity associated with Bitcoin and other cryptocurrencies is also a concern for election related matters. The state of Kansas also declined a request to accept donations in cryptocurrency in 2017.
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