Politicians Now Accepting Bitcoins
FEC approves their use for first time
By Arden Dier, Newser Staff
Posted May 9, 2014 1:00 PM CDT
In this April 7, 2014 file photo, a man arrives for the Inside Bitcoins conference and trade show in New York.   (AP Photo/Mark Lennihan)

(Newser) – Bitcoins just got into politics: The FEC said yesterday that people can use them to make political contributions. As far as the fine print goes, any PAC that accepts them must convert them into dollars before using the money, the Washington Post reports. Also, no anonymous donations will be allowed, and campaigns must give them a good look for "evidence of illegality," USA Today reports. The grass-roots Make Your Laws PAC that made the initial request to the FEC requested a $100 limit, but at this point it's not clear whether "the FEC was approving only bitcoin donations capped at $100, or whether larger virtual contributions would be permitted," notes Roll Call.

Though not an official rule, the FEC's 6-0 vote "opens the door to the use of bitcoins by any federal political committee," observes the Post. However, the move comes as the US Securities and Exchange Commission issues a warning to investors, declaring that bitcoin "does not have an established track record of credibility and trust," PC World reports.

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Showing 3 of 14 comments
Eco_101
May 16, 2014 9:38 AM CDT
It is safer to invest in toilet paper than in bitcoins! At least toilet paper can be prifitably used once a day !
JERZJOE
May 11, 2014 11:09 AM CDT
this reminds me of Pogs is a game that was popularized during the early 1990s The pog fad soared, and peaked in the mid-1990s before eventually being brought to the East Coast of the United States!! lots of $$$$$ was made!! then faded out of existence!! same here eventually! there ya go!!
TwoSheds
May 10, 2014 2:50 AM CDT
Why just bitcoin, when there are hundreds of digital currencies?