The digital currency Bitcoin is perhaps best known for its use in buying illegal drugs from online stores like the now-defunct Silk Road. An upcoming Federal Election Commission ruling will expand what you can buy with bitcoins into a strictly legal realm: purchasing politicians. The FEC is set to approve an advisory opinion this week allowing federal political campaigns to accept contributions in bitcoins. The agency will treat bitcoins the same way it treats donations of stock, as an in-kind gift worth the amount at which it was valued at the time of contribution. Bitcoins were valued at about $376 each (as of this writing), and the maximum contribution an individual may make to one campaign is $2,600 per election. The advisory opinion comes in response to the Conservative Action Fund, whose request was filed by conservative election lawyer Dan Backer. He is the force behind a number of recent deregulatory advisory opinion requests and court challenges, including the initial FEC filing that led to the pending Supreme Court case McCutcheon v. FEC. Backer asked the FEC whether the Conservative Action Fund could accept bitcoins as contributions as well as use bitcoins to pay expenses and to make contributions to other candidates.Full Article: Soon You'll Be Able To Buy Politicians With Digital Cash.
Nov 13 2013