U.S. FEC Approves Bitcoin Donations To Political Committees
Depending on where you live and shop, you can buy a taco with Bitcoin, a form of virtual currency. You can also buy computer systems and even a Lamborghini with Bitcoin. Despite various shady activities and scandals associated with untraceable crypto-currencies like Bitcoin, the list of things you can buy with it keeps it growing. Heck, you can even make donations to political committees.
The U.S. Federal Election Committee (FEC) is allowing Bitcoin to be used to make donations to political action committees under certain conditions, Reuters reports. Following a unanimous vote, the FEC approved donations up to an individual limit of $100 for each election cycle. Political committees are also allowed to purchase Bitcoin currency.
One thing the FEC did not approve is the use of Bitcoin to purchase campaign goods and services. However, it does recognize that Bitcoins are "money or anything of value" even though it's not backed by any government or central bank. It's also interesting that the FEC is ready to embrace Bitcoin at a time when crazy swings in value are still common.
The timing of the FEC's decision is also worthy of note. Approval comes just a day after the U.S. Securities and Exchange Commission (SEC) issued an advisory warning investors to avoid Bitcoin, saying it "has the potential to give rise to both frauds and high-risk investment opportunities." The warning also states that "innovations and new technologies are often used by fraudsters to perpetrate fraudulent investment schemes."
The U.S. Federal Election Committee (FEC) is allowing Bitcoin to be used to make donations to political action committees under certain conditions, Reuters reports. Following a unanimous vote, the FEC approved donations up to an individual limit of $100 for each election cycle. Political committees are also allowed to purchase Bitcoin currency.
One thing the FEC did not approve is the use of Bitcoin to purchase campaign goods and services. However, it does recognize that Bitcoins are "money or anything of value" even though it's not backed by any government or central bank. It's also interesting that the FEC is ready to embrace Bitcoin at a time when crazy swings in value are still common.
The timing of the FEC's decision is also worthy of note. Approval comes just a day after the U.S. Securities and Exchange Commission (SEC) issued an advisory warning investors to avoid Bitcoin, saying it "has the potential to give rise to both frauds and high-risk investment opportunities." The warning also states that "innovations and new technologies are often used by fraudsters to perpetrate fraudulent investment schemes."
