FEC Wants Campaigns to Take Bitcoin Contributions

Image: FEC Wants Campaigns to Take Bitcoin Contributions

Friday, 08 Nov 2013 02:15 PM

By Dan Weil

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The Federal Election Commission wants to allow candidates for federal office to accept donations in bitcoins, the digital currency.

The candidates wouldn't be allowed to spend the bitcoins on goods and services but would instead be required to sell them — or exchange the bitcoins for real currency — before the money can be used for their campaigns.

The FEC's proposal came in response to a request from the Conservative Action Fund to take in bitcoin donations.

Senate Homeland Security Committee Chairman Tom Carper expressed support for the proposal.

"I applaud the FEC for acting quickly to recognize this and develop a thoughtful policy that gives donors and committees rules of the road to utilize this emerging technology," the Delaware Democrat said in a statement.

Some campaigns already accept bitcoins, especially Libertarians who want to reduce the government's discretion in monetary policy, The Hill reports.

The FEC is taking public comments on its proposal until Wednesday, and is expected to approve it this month, according to The Hill.

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