The U.S. Federal Election Commission has taken a leap into the Digital Age, approving the use of the virtual currency Bitcoin to make financial contributions to political candidates. The FEC’s move comes as several candidates running in this year’s midterm elections have started accepting Bitcoin contributions. In an opinion issued earlier this month, the agency’s six commissioners unanimously adopted guidelines proposed by the Make Your Laws political action committee. The Federal Election Campaign Act defines a “contribution” as “any gift … of money or anything of value,” and, the commission concluded, Bitcoins “are ‘money or anything of value’ within the meaning of the Act.” Under Make Your Laws’ guidelines, contributions will be limited to $100 per donor per election cycle and, to promote transparency, an individual must provide identifying information, including name, physical address and employer, in order to make a contribution.Full Article: FEC Decision Pushes Bitcoin Further Toward Legitimacy.
May 20 2014