California Ends Ban on Bitcoin and Other Crypto Donations to Political Campaigns #togrp7
The Fair Political Practices Commission (FPPC) ruled Thursday that California residents can make donations of any amount (within California’s contribution limits) in cryptocurrencies such as Bitcoin.Political campaigns must immediately convert any crypto donations into U.S. dollars.
Furthermore, all state and local campaigns must have “adequate KYC procedures that enable it to form a reasonable belief that it knows the true identity of each contributor,” according to the approved regulation, which was first initiated back in May. Anyone who donates cryptocurrency must also provide their name, address, occupation, and employer in order for the donation to be considered legal and valid. Under the new rules, no crypto donations can come from an anonymous or outside source.