• Crypto donations will be accepted by the Republican Campaign Committee

  • BitPay will be used by the National Republican Congressional Committee to convert any cryptocurrency donations into cash.

    The Republican Party’s campaign arm will begin taking cryptocurrency donations. While the committee will now take cryptocurrency, the funds will be quickly converted to fiat.

    While individual political candidates have taken cryptocurrency payments in the past, the National Republican Congressional Committee (NRCC), according to Axios, is the first federal party committee to do so, potentially putting campaign finance standards to the test.

    The National Republican Congressional Committee (NRCC) is an organization of Republican members of Congress whose goal is to elect Republican candidates to the United States House of Representatives. This is accomplished by providing financial aid, technical assistance, and other activities to candidates.

    According to reports, the NRCC will use payment processor BitPay to process the payments, which will be instantaneously converted to dollars and placed into the NRCC’s account.

    The NRCC will now be able to receive donations up to $10,000 from individual contributors and escape the $100 maximum-value limit per year for cryptocurrency transfers by not retaining the contributed cryptocurrency.

    The NRCC chairman, Rep. Tom Emmer (R-Minn.), remarked, “We are committed on pursuing every option possible to promote our aim of blocking Nancy Pelosi’s socialist agenda and retaking the House majority, and this new technology will assist provide Republicans the tools we need to succeed.”

    Detecting cryptocurrency donations Draft Biden 2016, a pro-Joe Biden political action committee, received Bitcoin donations in 2015. (Biden did not run in that election.)

    Former Democratic presidential candidate Andrew Yang was one of the first politicians to accept cryptocurrency payments. Yang began accepting Bitcoin, Ethereum, and a variety of other cryptocurrencies as payment for his campaign in July 2018.

    The Federal Election Commission, on the other hand, has raised concern about crypto donations. It was mostly concerned about the donations’ transparency and disclosure laws, because bitcoin donations can be structured to be anonymous.

    The NRCC stated it would first identify donors who make crypto donations to prevent this threat and placate the Commission.

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