Posted on 11/22/2013 5:33:27 AM PST by Sir Francis Dashwood
The Federal Election Commission (FEC) deadlocked Thursday on a proposal to allow donations involving bitcoin in political campaigns, dealing a significant setback for proponents of emerging virtual currencies.
The six-member body split 3-3 on the proposal, according to an attorney representing a political action committee (PAC) asking for permission to accept bitcoins in the current election cycle.
“They didn’t say no,” said Dan Backer, who filed the request on behalf of the Conservative Action Fund (CAF) PAC. “They decided they’re not ready to say yes.”
Backer said he is optimistic that the practice would ultimately be allowed and said the FEC is likely to draft new regulations in the coming months to allay concerns held by the commission's Democratic members about the potential for anonymity in bitcoin donations.
Backer said the three Republican members of the commission appeared ready to endorse the proposal without additional regulations. He argued that virtual currency is “just another form of in-kind contribution,” already allowed by the commission.
Just weeks ago, the FEC signaled likely approval of the proposal.
“The Commission concludes that CAF may accept bitcoins as in-kind contributions under valuation, reporting, and disbursement procedures, as described below,” the FEC said in an advisory opinion this month.
Advisory opinions require support from a majority of the members.
Bitcoins exist only online but can be used to buy real-world goods and services, and are accepted by a growing number of Internet retailers.
Some campaigns had already begun accepting the currency, particularly libertarians who would prefer a reduced federal government role in the monetary system.
What difference does it make? Obama illegally accepted millions in overseas contributions buying “CDs” and sweepstakes ticket sales to win a dinner with Obammy.
The law does not matter or apply to Democrats.
The FEC is a joke.
But plenty of big bucks for the dems from the chicoms, arabs, russian mob, and mexican drug cartels.
With the value of the Bitcoin varying so wildly, how would the FEC calculate the donation limits?
Except for Democrats, who will be allowed to use the "mistakes were made" excuse for the next ten or fifteen election cycles.
Should I care?
The Fascist Reserve banking system has already claimed the lives of two presidents.
Democrats don’t like it, because the Federal Reserve (Unlimited banker for our Federal Government) cannot control, Bitcoin.
More the people who hold them lean Republican/Conservative or Libertarian so more of the Bitcoin donations would go to Republicans; the Democrats don’t like this.
1) No Federal Control
and
2) The donations are more likely to go to Republicans or Libertarians.
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