The NRCC will begin accepting cryptocurrency donations

[Nevilledog]

Link to tweet

https://www.axios.com/house-gop-nrcc-cryptocurrency-campaign-donations-6868fcc1-8477-434b-811a-18e256dd7dbc.html

The Republicans' House campaign arm will begin accepting contributions in cryptocurrency, Axios has learned.

Why it matters: The National Republican Congressional Committee is the first national party committee to solicit crypto donations. That puts it at the forefront of a disruptive financial technology that could test campaign finance rules.

How it works: The NRCC tells Axios it will process the donations using the payment processor BitPay. Crypto donations will be immediately converted into dollars before landing in the NRCC's account.

* That means the committee will never actually take possession of the donated cryptocurrencies, allowing it to accept individual donations of up to $10,000 per year, rather than the $100 maximum value for transfers of actual cryptocurrency like Bitcoin.

* In other words, the NRCC isn't actually receiving crypto, it's just soliciting proceeds from their sales.

* It takes a step out of the process, allowing a more seamless transaction from crypto holdings to political contributions.

*snip*

[joetheman]

1. Another good reason to ban it. nt Only the poor get hurt and left out. nt

[Lovie777]

2. More dictator's money . . .

outside country monies they hope to keep it a big secret.

[PoliticAverse]

3. Essentially it is similar to accepting donations via credit card. n/t

[SoonerPride]

5. Except foreign parties can donate in Bitcoin

And they can’t via credit card.

[Haggard Celine]

4. This looks a lot like money laundering.

Sounds like a Trump idea to me.

[uponit7771]

6. +1

[struggle4progress]

9. +1

[TheFarseer]

7. So

Russian gangsters can steal money from American utility companies etc and donate a portion to Republicans who, in exchange, will not go after them?

[Turbineguy]

8. That way they can work for

Mexican drug lords.