Politicians Now Accepting Bitcoins

FEC approves their use for first time

By Arden Dier,  Newser Staff

Posted May 9, 2014 1:00 PM CDT

(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.

In this April 7, 2014 file photo, a man arrives for the Inside Bitcoins conference and trade show in New York.
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)
In this April 7, 2014 file photo, a man arrives for the Inside Bitcoins conference and trade show in New York.
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)
This April 3, 2013 file photo shows bitcoin tokens in Sandy, Utah.
This April 3, 2013 file photo shows bitcoin tokens in Sandy, Utah.   (AP Photo/Rick Bowmer, File)
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