California Regulator Considers Repealing Ban on Crypto Donations to Fund Political Campaigns

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California Regulator Considers Repealing Ban on Crypto Donations to Fund Political Campaigns For Angel Di Matteo @shadowargel

The measure to be considered by the FPPC aims to adjust to the use and benefits of these new technologies, and it comes into place just after the governor of California, Gavin Newsom, signed an executive order for state agencies to carefully evaluate cryptocurrencies already blockchain.

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The California Fair Political Practices Commissionbetter known by its acronym in English as FPPC, plans to review an old ban dating back to 2018, which prohibits cryptocurrency donations to finance political campaigns at the state level.

FPPC contemplates revoking ban on crypto donations for political campaigns

As such, the FPPC scheduled to hold a meeting next Thursday, May 19, to discuss the relevance of donations with cryptocurrencies to finance political campaigns, for which it is considering drafting an amendment that lifts the ban implemented in 2018.

Let us take into account that it was precisely in that year the FPPC the one that voted to prohibit political financing with cryptocurrencies, this due to the concern that donations could be used to circumvent the legal frameworks that apply to contributions, as well as the possibility that foreign organizations and individuals finance candidates for public office. The new review arises in an attempt by the agency to adjust to new market trends, and take advantage of the benefits offered by new technologies now that there is greater interest in cryptocurrencies, said the entity’s director of communications, Jay Wierenga.

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In addition to the above, Wierenga added:

“This has been on our radar since the end of last year. Crypto has grown in terms of its use and visibility since 2019. Therefore, the commission wants to review the issue and determine whether or not changes should be made.”

The official also clarified that the ban currently in force has not affected federal candidates running for public office in California, but it has played against those interested at the state and local levels. He specifically cited the case of Aarika Rhodes, who asked her contributors to donate Bitcoin to fund her campaign:

California reviews its approach to cryptocurrencies and blockchain

The measure comes amid growing interest at the state level to evaluate and take advantage of the benefits of the crypto sector and blockchain for various purposes.

Just earlier this month, the current governor of the state of California, Gavin Newsom, signed an executive order requesting various state agencies to closely study cryptocurrencies and networks. blockchain, urging them to incorporate such technologies to improve their operational processes and improve their services for residents.

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Let’s keep in mind that the executive order signed by Newsom involves the Governor’s Office of Business and Economic Development, precisely to work hand in hand with the Business, Consumer Services and Housing Agencyas well as with the Department of Protection in Financial Innovation so that together they adopt a regulatory approach applicable to cryptocurrencies and their underlying technology.

This position is in line with the executive order signed earlier this year by the US president, Joe Biden, who asked government agencies to closely evaluate these technologies to propose a more comprehensive approach, considering them a priority aspect in the face of the boom they have caused. been having in local and international markets.

Returning to California, the order signed by Newsom indicates precisely that, within 60 days after the moment in which the government agencies present their recommendations to President Biden on the subject, the agencies in California must do the same with the governor to give guidelines on the regulatory approach that could be applied at the state level. Aspects associated with energy consumption, environmental impact and the prevention of illicit activities were established as priorities within the topic.


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Source: CointelegraphArchive DailyBitcoin

Angel Di Matteo version / DailyBitcoin

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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.

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