More states are warming to the idea of allowing for cryptos to be accepted for political campaigns, with the latest being Oregon.
Recently, the state’s Secretary of State proposed changes to campaign finance administrative rules allowing campaigns to accept donations in the form of cryptocurrencies.
The move is not unique, as other states are also allowing for people to accept cryptos from people wanting to donate to their campaigns.
Let’s go over Oregon’s proposed amendment and how cryptos are invading the political arena.
Here to stay
In announcing that the state wants to allow politicians to accept cryptos to fund their aspirations, Oregon’s Secretary of State Dennis Richardson acknowledged that cryptos, like Bitcoin, are now fixtures in the finance community.
“Cryptocurrency is here to stay, and Oregon needs to adapt to that reality by allowing this new form of donating. Allowing cryptocurrency to be a part of our elections process is a new and innovative way to expand participation in Oregon elections.”
The details of the proposed changes can be found in the agency’s “Notice of Proposed Rulemaking.” For this crypto-related allowance for campaign donations, the rule summary notes that the Campaign Finance Manual would be updated.
In the announcement, it is noted that the draft administrative rules mirror the policy of the Federal Elections Commission (FEC) by allowing contributions, but not expenditures.
Pushback
There is pushback over Oregon’s move, and it may be more about partisan politics than it is about the viability of cryptos.
Reportedly, the Oregon’s State Treasurer, Tobias Read, a Democrat, has expressed concern about allowing for cryptos for political donations. Read has said that the move could make the state’s campaign finance system less transparent.
Furthermore, it could lead to so-called straw donors trying to donate and conceal their contributions. This concealment is a crime.
In a statement, Read said:
“Cryptocurrency is by its nature opaque. Read said, in a prepared statement. Oregonians want clean, transparent, accountable and open elections and the two would seem to be at odds with each other.”
The Oregon Elections Division is seeking feedback on these rules. A public hearing on the draft rules will be held on July 23. Public comments can also be submitted to elections.sos@oregon.gov until August 7.’
Not the first
Whether or not to allow politicians to accept donations in the form of cryptos is increasingly becoming a leading topic of discussion.
Oregon would not be the first state to propose changes to campaign finance rules to allow donations to political campaigns in cryptocurrency.
With its proposal, Oregon joins Colorado and Wisconsin, which have pending proposals that are being considered.
Kansas is reportedly the only state to flat out prohibit campaign donations in the form of cryptos.
Also, in New Hampshire, gubernatorial candidate Andrew Hemingway accepted Bitcoin donations reportedly worth about $2,000 in 2014.
Give it back
We recently reported that a political candidate was forced to return his crypto donations.
Austin Petersen, a Missouri candidate for the U.S Senate was given a $130,276 donation in Bitcoin. However, he had to return most of it due to FEC regulations.
While the Federal Election Commission (FEC) has stated that crypto donations to campaigns for federal office are ok, there are limits.
Under the Federal Election Campaign Act, the FEC’s restricted contribution limits meant that Petersen was only able to bank a maximum of $5,400 from a single patron.
This article appeared first on Cryptovest
