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US House Republican becomes first national party to accept donations in cryptocurrency

The Federal Election Committee in 2014 approved a $100 value for transfers of actual cryptocurrency.

June 18, 2021 / 09:29 AM IST
Image: Reuters

Image: Reuters

The US' National Republican Congressional Committee (NRCC), the United States House Republicans' campaign arm said it will begin accepting donations in cryptocurrency.

The organization said it was the first national party committee to take contributions via cryptocurrencies like Bitcoin, which it said would help it support Republican candidates in next year's midterm elections.

"We are focused on pursuing every avenue possible to further our mission ... and retaking the House majority, and this innovative technology will help provide Republicans the resources we need to succeed," NRCC Chairman Tom Emmer said.

Reportedly, the organisation has partnered with Bitpay which provides Bitcoin and cryptocurrency payment services. The crypto-donations will be converted into US Dollar before they reach the committee's account, NRCC spokesman Michael McAdams said.

The Federal Election Committee in 2014 approved a $100 value for transfers of actual cryptocurrency. McAdams said the NRCC would "accept all the same personal relevant information that we do with any other contribution up to the normal contribution limits."

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Some US political candidates, including Emmer and also former presidential hopeful Andrew Yang, have earlier accepted donations via cryptocurrency

Meanwhile, the US Securities and Exchange Commission (SEC) has shown reluctance to accept cryptocurrency as several investment firms are pursuing a Bitcoin Exchange Traded Fund (ETF). The newly appointed SEC Chief Gary Gensler pointed towards tougher regulations for cryptocurrency.

(With input from Reuters)
Moneycontrol News
first published: Jun 18, 2021 09:28 am

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