MI-GOV: Michigan governor hopeful discloses $800K bitcoin gift from a 'friend'

[RandySF]

Lansing — Longtime Pastor Ralph Rebandt, a Republican who's running to be Michigan's next governor, says he received a gift of bitcoin worth $800,000 from a friend who wants to remain anonymous.

Rebandt listed $800,000 in income from the sale of bitcoin on a personal financial disclosure he filed last week with the Secretary of State's Office. He described the source of the bitcoin as a "gift from a long-time friend."

Bridge Michigan first reported the disclosure.

Rebandt was inside the Michigan Capitol on Wednesday and told The Detroit News he would only release the name of the person who gave him the bitcoin gift if the person agreed to be identified. The gift had "no strings attached," Rebandt said.


https://www.detroitnews.com/story/news/politics/2026/05/20/ralph-rebandt-candidate-michigan-governor-discloses-800000-bitcoin-gift/90177780007/

[JT45242]

1. I call shenanigans... $800k always has strings attached

What kind of disclosure law allows over 3/4 of a million to be anonymous.

[UpInArms]

2. Pastor Ralph Rebandt, a Republican

gets an almost million dollar gift (more than 3/4ths)

and says it like it's normal

grifting lying and probably a pedo

[Jacson6]

3. This is most likely money laundering.

He is going to use the $800k to finance his campaign paying the same entity that gave it to him. Then it will be legit revenue.

[DFW]

4. I am not an IRS inspector/auditor

However, I do know that there is a limit to tax-free annual gifts. Last I saw, it was an annual limit of about &15,000. Over that amount, a “gift tax” kicks in. I don’t know who pays it, or, in the case of a foreign donor, if there is income tax liability for the recipient. But I’m fairly sure one would have to do some very fancy accounting footwork to make an $880,000 gift to anyone and NOT trip over a wire that sets a tax obligation in motion.