U.s. Election Panel Approves Bitcoin Donations To Political Committees

[Ron Burgundy]

The U.S. Federal Election Committee said on Thursday that the virtual currency, bitcoin, could be used for donations to political action committees under certain conditions. In a unanimous vote, the FEC, which enforces U.S. campaign finance laws, said a political committee could accept donations in bitcoins up to an individual limit of $100 for each election cycle and could also purchase bitcoins. But the advisory opinion, issued in response to a request for guidance by the Make Your Laws political action committee, said the committee "must sell the bitcoins it purchases and deposit the proceeds into its campaign depository before spending those funds." The FEC did not approve the use of bitcoins to purchase campaign goods and services. Users can transfer bitcoins to each other online and store the currency in digital "wallets." The FEC said it concluded that bitcoins were "money or anything of value" under federal election law.

View the full article