Posted on 11/23/2013 3:37:07 PM PST by markomalley
Political organizations can't accept contributions in the form of bitcoins, at least for now, The Federal Election Commission said Thursday.
The commission passed on a request by the Conservative Action Fund, a political action committee, to use the digital currency. That group had asked the FEC recently whether it could accept bitcoins, how it could spend them and how donors must report those contributions. It was not immediately clear whether the same ruling would apply to individual political candidates.
Bitcoin is a cybercurrency that is relatively anonymous and is created and exchanged independently of any government or bank. Some retailers accept it, and the currency can be converted into cash after being deposited into virtual wallets.
But the FEC isn't yet sold on allowing bitcoins to funnel into the bank accounts of political campaigns and outside groups supporting them, and commissioners deadlocked 3-3 along party lines Thursday.
FEC chairwoman Ellen Weintraub acknowledged that she had never heard of bitcoins until she saw the Conservative Action Fund's request. Weintraub, a Democrat, raised the prospect of anonymous or foreign bitcoin donations — both prohibited under federal law — flowing into campaigns and outside groups. But she suggested the FEC would revisit bitcoins at a later date.
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They must figure Republicans would get more bitcoin donations than Demorats.
Solution looking for a problem? The Bitcoin exchanges are not exactly plentiful. Unless they have a mechanism to turn the Bitcoins into “real money,” what’s the difference/point?
This doesn’t add up…it’s the most perfect way yet to pump illegal contributions to the Dems. Of course, not requiring credit card donors to divulge personal information was pretty good.
Knee jerk reaction to a request from conservatives. I don't know what you are asking for but the answer is No. Go away.
...the Conservative Action Fund... had asked the FEC recently whether it could accept bitcoins, how it could spend them and how donors must report those contributions.
The FEC looked the other way when Obama in 2008 took hundreds of millions from overseas and from bogus credit card accounts.
Why would the use of bitcoins natter now?
Or a very clever way for a conservative group to block the ability of anonymous donors giving money to the Democrats, and the Dems on the FEC didn't check with their masters first before voting.
Hence the "may revisit the ruling" part.
Obama's not running next time (assuming, of course, that there will be another presidential election).
Therefore, election rules may have some marginal meaning.
“Unless they have a mechanism to turn the Bitcoins into “real money”
https://en.bitcoin.it/wiki/Selling_bitcoins
Large scale, like what would be necessary for a campaign, is neither feasible nor practical. These exchanges can close shop in a matter of hours along with the Bitcoins given over for exchange.
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