Colorado is planning to allow political candidates to accept cryptocurrency for campaign contributions.
With this move the state will join the Federal Election Commission (FEC) and various states who since 2014 have allowed candidates to accept bitcoin and digital currency.
The Denver Post reports that Secretary of State Wayne Williams made the proposal in draft rules presented earlier this week. The donations – whether in bitcoin or another digital currency – would be subject to the same state limits as a cash donation, and the value would be determined at the time of the contribution.
“The FEC is doing it now. So we are just going along for the ride.” noted Suzanne Staiert, Colorado’s deputy secretary of state.
Colorado wants to allow political donations in bitcoin and other cryptocurrency https://t.co/otrU5piJH1
— The Denver Post (@denverpost) May 18, 2018
Through May 23 comments on the proposed rule will be accepted by the Colorado Secretary of State’s Office.
Since cryptocurrency contributions to campaign financing were approved by the Federal Election Commission in 2014, they were widely used. New Hampshire was the first state which in 2014 began to allow candidates to accept crypto donations. Republican Andrew Hemingway became the first U.S. politician to accept Bitcoin contributions.
To date, the largest reported bitcoin donation to a political campaign was received by Austin Petersen from Missouri. The amount is 0.284 BTC ($4,500). Senator Rand Paul also accepted crypto donations during his 2016 presidential bid.