California Campaign Watchdog Bans Crypto Donations to Candidates

 

 

 

California’s Fair Political Practices Commission voted this week to determine whether the state would permit political candidates for statewide offices to accept cryptocurrency donations for their campaign. By a 3-1 vote, the commission moved to ban those donations, according to a report from the Associated Press on Friday.

The FPPC justified the ban by noting that cryptocurrencies could be difficult for authorities to track. Issues of transparency are always a concern for campaign finance regulators, and the commission members apparently had concerns about the state’s ability to ensure that those laws and regulations were being followed by candidates who accepted crypto donations.

The decision comes even as federal regulators have approved some cryptocurrency donations for candidates running for federal office. The U.S. Federal Elections Commission has approved those donations, though there are some restrictions on the practice and the FEC has provided guidelines to clarify reporting requirements.

At the state level, however, various jurisdictions have differed in their approach to the issue. For example, Colorado and Montana have adopted a position closer to that of the FEC, approving such donations as long as they meet certain requirements. South Carolina, however, has banned crypto political donations.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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