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Bitcoins for political contributions? Feds about to say "yeah baby"
Posted on 11/8/13 at 2:45 pm
Posted on 11/8/13 at 2:45 pm
1
Posted on 11/8/13 at 4:17 pm to Meauxjeaux
the interesting thing about this is this part:
The FEC doesn't agree that it's money, but already a federal judge has ruled that it is and FinCEN has ruled that bitcoin exchangers have to register as MSB's.
It seems like the Feds need to become more consistent.
quote:
In their opinion, the commission's lawyers said bitcoin contributions fall in the same category as in-kind donations of stocks or computer equipment and should be permitted.
The lawyers, however, stopped short of treating bitcoins as U.S. currency and recommended that the FEC deny the Conservative Action Fund's request to use virtual money to pay its vendors and donate to candidates. Instead, the committee would have to sell its bitcoins and deposit the money in a campaign account before passing the funds on to others.
The FEC doesn't agree that it's money, but already a federal judge has ruled that it is and FinCEN has ruled that bitcoin exchangers have to register as MSB's.
It seems like the Feds need to become more consistent.
This post was edited on 11/8/13 at 4:18 pm
Posted on 11/9/13 at 8:35 am to WikiTiger
Is anyone really surprised that politicians are willing to take anything of value as campaign donations?
quote:The FEC contends Bitcoins are not U.S. currency, which is apparently the only form of money the FEC wants political campaigns to use. That does not cause the FEC to be inconsistent with other government agencies or rulings. Bitcoins are treated no different than other non-U.S. currencies, convert to U.S. dollars (legal tender) before spending.
The FEC doesn't agree that it's money, but already a federal judge has ruled that it is and FinCEN has ruled that bitcoin exchangers have to register as MSB's.
Posted on 11/9/13 at 11:24 am to Poodlebrain
quote:
The FEC contends Bitcoins are not U.S. currency, which is apparently the only form of money the FEC wants political campaigns to use. That does not cause the FEC to be inconsistent with other government agencies or rulings. Bitcoins are treated no different than other non-U.S. currencies, convert to U.S. dollars (legal tender) before spending.
Ya, the reason I posted here is that apparently bitcoins have gone form buttcoins and unicorn farts to legit currency right up there with the Swiss Franc.
Of course, we're talking US politicians, who really see no difference between unicorn based policy and the rule of law.
Posted on 11/9/13 at 12:59 pm to Poodlebrain
quote:
The FEC contends Bitcoins are not U.S. currency, which is apparently the only form of money the FEC wants political campaigns to use. That does not cause the FEC to be inconsistent with other government agencies or rulings. Bitcoins are treated no different than other non-U.S. currencies, convert to U.S. dollars (legal tender) before spending.
If that is the case, then it makes some sense. Thanks for the clarification, Poodle.
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