California Lifts Ban On Bitcoin Donations To Politicians

California Lifts Ban On Bitcoin Donations To Politicians

California Lifts Ban On Bitcoin Donations To Politicians

The California Fair Political Practices Commission has lifted a ban on accepting digital asset donations by politicians that have been in place since 2018.

The participants voted unanimously to lift the restriction. The updated regulation involves transactions through a third-party payment processor headquartered in the United States.

The latter must register with the Financial Crimes Enforcement Network and comply with the KYC procedure. All receipts must be immediately converted into US dollars and transferred to a bank account.

Recall that in the second quarter of 2022, the heads of cryptocurrency companies and venture funds actively donated to the election campaigns of US Senators Cynthia Lummis and Kirsten Gillibrand.

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