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FEC Proposes Rule Allowing Political Campaigns to Receive Bitcoin Donations

(CoinDesk) The U.S. Federal Elections Commission (FEC) is proposing a measure that would allow election campaigns to accept Bitcoin donations, but they would not be treated the same as cash.

In an opinion letter dated Nov. 7, the FEC responded to a group called Conservative Action Fund (CAF) regarding its request to have an opinion about the acceptance of Bitcoin donations. The opinion states that CAF can accept donations in Bitcoin, but it must sell them for cash in order to use them for any sort of payment.

“The Commission concludes that CAF may accept bitcoins as in-kind contributions under valuation, reporting, and disbursement procedures,” the letter states. “CAF may not, however, make disbursements using bitcoins. Instead CAF must sell its bitcoins and deposit the proceeds in its campaign depositories before using the funds.”