CNBC's Ylan Mui joins Shep Smith to report on the impact bitcoin advocates could have on the midterm elections and who controls the House and Senate.I've only mentioned Bitcoin twice on this blog, both times in the context of crime and cybersecurity, although the first time also involved shopping. The same is true of my previous mention of cryptocurrency in general. That's not a great reputation for a political action committee and a source of campaign funding. The Hill explored that when it asked Colin & Emily: NRCC To Accept Cryptocurrency Donations, Opening PANDORA'S BOX For Campaign Finance?
Colin Rogero and Emily Jashinsky react to Axios' reporting that The National Republican Congressional Committee will be the first national party committee to solicit crypto donations.That's a good brief exploration of the issues from a pair who knows politics better than they know cryptocurrency. One of the possibilities is a crypto-related campaign finance scandal. I'd be more worried about other kinds of cybercrime, but I'm not Rogero and Jashinsky, who are trying to play to their strengths instead of working on their weaknesses.
Forbes answers more questions about the topic in last week's 2022 Midterm Elections: Can You Donate Crypto To Politicians?
Interest in cryptocurrency is growing exponentially—and the 2022 midterms could be when Congressional campaigners jump on the bandwagon.The article answers some of the questions raised by Colin Rogero and Emily Jashinsky in their video from ten months ago, including campaigns having to convert crypto into cash before spending it, which Rogero thought would be the case. It also reports that the crypto advocates are making their donations in cash, not crypto. Hmm. Just the same, this is another example of our living in science-fiction times or, as my friend Nebris says, "SciFi is now."
Since the 2020 presidential election, there’s been a notable uptick in U.S. political campaigns accepting donations via cryptocurrency. Younger, more dynamic candidates started the trend—Andrew Yang was an early enthusiast—but in mid-2021, the National Republican Congressional Committee (NRCC) said it would start accepting donations in crypto, marking a major watershed for cryptocurrency in U.S. politics.
The rules for political campaigns accepting crypto donations are murky and may vary from state to state. But with players like the NRCC getting into the game, perceptions are definitely changing.
Before you jump at the opportunity to hand some Dogecoin over to your preferred Congressional candidate, you need to know the rules and limits—such as they are—that apply to crypto donations and political campaigns.
That's it for April's blogging. Stay tuned for my traditional drum corps May Day tomorrow.