You Can Now Make Political Donations with Bitcoin

You Can Now Make Political Donations with Bitcoin

Federal Election Commission FEC Logo 310x

The U.S. Federal Election Committee has approved the use of Bitcoin in certain scenarios. Dogecoin nowhere to be seen, unfortunately.

Cryptocurrency geeks can now donate Bitcoin to their favorite Political Action Committee, thanks to a ruling by the FEC.

The Federal Election Commission, spurred by a decision request from the "Make Your Laws" PAC, voted unanimously (6-0) to approve the use of Bitcoin as currency for PACs. While the decision to approve Bitcoin wasn't split, the interpretation of Bitcoin as a currency seems to be quite contentious.

For now, the individual limit on Bitcoin donations is capped at $100 per election cycle. However, there's a chance that limit could go way, way up. If FEC Chairman Lee Goodman has his way, Bitcoin could be treated as a "in-kind donation," similar to metals (silver and such) or goods (rare works of art).

PACs can also purchase Bitcoin at their discretion. However, Bitcoin must be converted into cold hard cash before the funds can be spent. In other words, no buying ad time with Bitcoin, only Greenbacks.

[Additional Source: Reuters]

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The jokes about money laundering, dubious political revenue sources and the new age mafia pretty much make themselves. Just one less step of removal between the American political system and the heaps of corrupt cash it has been swimming in for decades i suppose. Bitcoin is the currency of kiddie porn and bulk PcP deals.

Perhaps it is good that they didn't allow Dogecoin, because then we might see the eventuality of a Doge political party.

And wouldn't that be an amazing future?

Scrumpmonkey:
The jokes about money laundering, dubious political revenue sources and the new age mafia pretty much make themselves. Just one less step of removal between the American political system and the heaps of corrupt cash it has been swimming in for decades i suppose. Bitcoin is the currency of kiddie porn and bulk PcP deals.

Sums it up quite nicely. Bravo good sir.

OT: Does bitcoin still exist O.o ? Hmm... Well I'll be damned.

Wait... at what stage in a transaction can bitcoin be made into real money? I thought it was just a purely online entity - where does it convert into real cash, and what happens to the Bitcoin in the process?

So you pay for hot air with more hot air. Hot air ception!!!

I'm glad Bitcoin is finding more adepts. Bankers are not going to like this at all.

Scrumpmonkey:
The jokes about money laundering, dubious political revenue sources and the new age mafia pretty much make themselves.

Of course, we already had that with PACs in the first place. I guess this makes it slightly easier for Walter White to buy a politician, though.

Zachary Amaranth:

Scrumpmonkey:
The jokes about money laundering, dubious political revenue sources and the new age mafia pretty much make themselves.

Of course, we already had that with PACs in the first place. I guess this makes it slightly easier for Walter White to buy a politician, though.

[inset over used Breaking Bad quote here.... bitch]

It's amusing how hostile the US and other governments have been towards bit-coin but as soon as it can line their pockets its a-okay with them.

Scrumpmonkey:

It's amusing how hostile the US and other governments have been towards bit-coin but as soon as it can line their pockets its a-okay with them.

I'm surprised they didn't think of this sooner!

At this point, I don't know who'se screwing who in this dubious transaction. Bitcoins are demonstratedly NOT a good venture to follow, so both user and receiver may as well be playing with Monopoly money ON FIRE. But then, we have the notion of perhaps untrustworthy politicians who get money from people for all the wrong reasons and/or ends, PLUS the idea that genre savvy contributors could be doing this on purpose for a laugh.

Someone make me a flowchart for this.

Wouldn't it be funny if all the Bitcoin went to the Green Party and they won all the elections including the Presidency? There's a movie there.

 

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