Good News For Cryptocurrency From California State Of USA: 4-Year Ban Ends!

Election campaigns in California are coming soon after the state’s campaign organizer ends the four-year ban on crypto donations. cryptocurrency can accept donations.

Decision Removing Cryptocurrency Donation Ban Will Enter into Force Within 60 Days

The California Fair Political Practices Commission has unanimously voted to lift the state’s ban on cryptocurrency donations and adopt new rules on how funds are accepted. The new regulation will take effect in the next 60 days.

“This is a new and constantly changing field,” said David Bainbridge, general counsel for the legal department, speaking at the commission’s July meeting.

Bainbridge continued his statements on the subject as follows:

“We may need to adjust this as the industry evolves, this is a fairly new industry. But at this point I’m pretty sure this regulation does a good job of allowing cryptocurrency donations, and then it won’t become an easy way to break the law.”

Donations must be processed by a third-party payment processor based in the United States and registered with the Treasury’s Financial Crimes Enforcement Network, and must not exceed contribution limits.

In addition, the identity of the donor must be verified and the donation must be converted into US dollars and transferred to the campaign bank account at the time of donation.

The Commission banned crypto donations in 2018, citing concerns that cryptocurrencies could be used to circumvent donation limits and rules against accepting cash from foreign donors.

However, already dozens of states, bitcoin and allows donations with crypto assets.

*Not investment advice.

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