Bitcoin donation is legal - it has even been settled by the Federal Election Commission (FEC)
18 February 2015, 09:11
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Lt. Gov. Gavin Newsom announced on that he is creating a
committee to run for governor of California in 2018; however, the bigger
news for Bitcoin ecosystem is that he is going to accept Bitcoin
donations from his supporters. This is part of his strategy to show
himself as tech-savvy guy who is not averse to the latest technology.
Talking to media professionals he said that he has never been a fan of pretense or procrastination and according to him his state is defined by its independent, outspoken spirit. He admits that when Californians see something they truly believe in, they say so and act accordingly – without evasiveness or equivocation.
We have been reporting about the politicians in the US embracing Bitcoin. For instance, earlier it reported Jared Polis was accepting Bitcoin donations. Similarly, there were reports on the Libertarian Party of Canada accepting Bitcoin donations. Thus, it is not entirely new for Lt. Gov. Gavin Newsom, yet it is a bold step towards a technological innovation.
Nonetheless, the “Gavin for Governor” has invited supporters to donate via Bitcoin, a digital currency that is catching attention around the world. Currently, Newsom has about $3 million left from his successful 2014 re-election campaign for lieutenant governor; however, there is always requirement for more money to be spent on campaigns.
Bitcoin donation is legal; it has even been settled by the Federal Election Commission (FEC) which in May approved an advisory opinion allowing Bitcoin contributions. Nonetheless, as the FEC decided that the organization could accept contributions of Bitcoin as proposed, it is subject to valuation and reporting procedures detailed in the opinion.
Talking to media professionals he said that he has never been a fan of pretense or procrastination and according to him his state is defined by its independent, outspoken spirit. He admits that when Californians see something they truly believe in, they say so and act accordingly – without evasiveness or equivocation.
We have been reporting about the politicians in the US embracing Bitcoin. For instance, earlier it reported Jared Polis was accepting Bitcoin donations. Similarly, there were reports on the Libertarian Party of Canada accepting Bitcoin donations. Thus, it is not entirely new for Lt. Gov. Gavin Newsom, yet it is a bold step towards a technological innovation.
Nonetheless, the “Gavin for Governor” has invited supporters to donate via Bitcoin, a digital currency that is catching attention around the world. Currently, Newsom has about $3 million left from his successful 2014 re-election campaign for lieutenant governor; however, there is always requirement for more money to be spent on campaigns.
Bitcoin donation is legal; it has even been settled by the Federal Election Commission (FEC) which in May approved an advisory opinion allowing Bitcoin contributions. Nonetheless, as the FEC decided that the organization could accept contributions of Bitcoin as proposed, it is subject to valuation and reporting procedures detailed in the opinion.
