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Redfairen

(1,276 posts)
Thu Nov 14, 2013, 04:18 PM Nov 2013

Got bitcoin? FEC may let candidates, PACs accept the digital currency.

Source: Washington Post

The Federal Election Commission debated a proposal Thursday to let political candidates and committees accept bitcoins as in-kind contributions, in the same way computer equipment or shares of stock are sometimes given as donations.

The six-member panel appeared to be leaning toward sanctioning bitcoin contributions, as long as it can resolve concerns about whether the Internet cash could be used to mask the identities of donors.

“There’s a balancing act here,” Commissioner Matthew Petersen, a Republican appointee, said at the end of an hour-long discussion. “There’s this new technology that no one wants to strangle in its infancy,” but the panel also is “trying to make sure that there are adequate protections so that it couldn’t serve as a vehicle for illegal or prohibited contributions to flood into the system.”

.......

FEC approval would be “yet more recognition from the federal government that bitcoin is a serious new technology that is here to stay and that people want to use in their everyday lives,” said Jerry Brito, senior research fellow at the Mercatus Center at George Mason University and director of its technology policy program. “Current regulation does not take into account anything like bitcoin, and so regulators are having to figure out how to apply existing rules and law."




Read more: http://m.washingtonpost.com/politics/got-bitcoin-fec-may-let-candidates-pacs-accept-the-digital-currency/2013/11/14/3dadc8a8-4c9a-11e3-ac54-aa84301ced81_story.html

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Got bitcoin? FEC may let candidates, PACs accept the digital currency. (Original Post) Redfairen Nov 2013 OP
So, they are going to accept digital dark money? Kelvin Mace Nov 2013 #1
The mind boggles Demeter Nov 2013 #2
I agree davidpdx Nov 2013 #3
Seems so sakabatou Nov 2013 #5
I don't see any good coming from this... RSmith320 Nov 2013 #8
Where would they spend it? frazzled Nov 2013 #4
They'd be more likely to sell any donated BTC jmowreader Nov 2013 #9
Didn't the feds bust liberty dollars OneCrazyDiamond Nov 2013 #6
The issue is how close to actual coins that coin looks like happyslug Nov 2013 #7
The Conservative Action Fund is the ones who requested this jmowreader Nov 2013 #10
Bad, bad idea. nt Earth_First Nov 2013 #11
 

Kelvin Mace

(17,469 posts)
1. So, they are going to accept digital dark money?
Thu Nov 14, 2013, 04:23 PM
Nov 2013

Untraceable, "anonymous" donations which would allow criminals (besides the usual Wall Street riff-raff) and foreign governments to influence U.S. elections?

What could possibly go wrong?

davidpdx

(22,000 posts)
3. I agree
Thu Nov 14, 2013, 04:54 PM
Nov 2013

That's a road that shouldn't be gone done. It's one thing if people use it for day to day living, but in campaigns that's opening the door for all kinds of possible abuse. We already have enough problems with campaign finance laws (or lack thereof).

frazzled

(18,402 posts)
4. Where would they spend it?
Thu Nov 14, 2013, 05:04 PM
Nov 2013

I mean, could they (right now, at least) pay television stations for advertising time? rent field office space from landlords? pay staff? Or would they have to sell them for US dollars? And could they?

I know you can get alpaca handknit socks and such, but I'm curious. I really know so little about this. Where could they spend these donations on things that would be useful to a campaign?

jmowreader

(50,453 posts)
9. They'd be more likely to sell any donated BTC
Fri Nov 15, 2013, 02:55 AM
Nov 2013

There are several Bitcoin brokerages online that will exchange BTC for dollars.

OneCrazyDiamond

(2,029 posts)
6. Didn't the feds bust liberty dollars
Thu Nov 14, 2013, 05:52 PM
Nov 2013

for setting up another currency? I guess politics gets an exception to the rules...again.

 

happyslug

(14,779 posts)
7. The issue is how close to actual coins that coin looks like
Thu Nov 14, 2013, 07:58 PM
Nov 2013

Here is the "Liberty Dollar" coin:



Here is a Peace Dollar

http://en.wikipedia.org/wiki/Peace_Dollar

http://en.wikipedia.org/wiki/Dollar_coin_(United_States)

The issue is in many ways is this similar enough to the "Liberty Dollar" to confuse someone who has at best a limited knowledge of the coin.

If this '"Liberty Dollar" did not have the word "Liberty" in the same place as on the Peace Dollar, if it did not have "Trust in God" which is close to "In God We Trust" and a different design (not lady Liberty) the Coin could have survived. The problem was NOT that a coin was made, that the coin appeared to people like it had been issued by the US Government. That made the Liberty Dollar illegal, not that someone made a coin.

Remember under Federal Law it is legal to mint coins, as long as you do not try to use it as legal tender (You can do exchanges by barter, one coin for something else, but NOT use the coin as a dollar to buy something). The bit coin does NOT look like a US Coin, all it is is an exchange of these bits for something else, that is barter not use as

Furthermore, the Bit Coin can also be viewed as a Check. A Check is NOT legal tender, but can exchanged for something of value if both sides agree. As long as the bit coin is used either like a check or as an instrument of barter, it is legal. The "Liberty Dollar" appears to have wanted to go one step further, to be used as legal tender and that is illegal. Yes, this sounds like a technical difference, but it is the difference the Courts are looking for.

http://en.wikipedia.org/wiki/Liberty_Dollar

jmowreader

(50,453 posts)
10. The Conservative Action Fund is the ones who requested this
Fri Nov 15, 2013, 02:59 AM
Nov 2013

Any time a far-right super PAC requests permission to accept untraceable campaign contributions, watch out.

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