FEC to Allow Bitcoin Contributions in Politics

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Ruling by the United States Federal Election Commission may change politics. In a unanimous 6-0 decision the FEC has said Bitcoin contributions to political committees will be treated the same as stocks and other items of value given to committees, as reported by Dave Levinthal of the Center for Political Integrity. Tweet

This comes three days after Wisconsin’s Alderman Mark Clear, who is running for a seat in the state legislature, returned about $100 worth of Bitcoin that was donated because of its unclarity.

Texas Rep. Steve Stockman said he would take Bitcoin donations for his senate campaign earlier this year. Stockman called the currency a symbol of freedom and it looks like Americans will have their freedom on this issue.

I think this further legitimizes the currency and once again regulators are clearing up their positions. The government isn’t going to go after people legitiamely using Bitcoin; however, illegal activities are punishable no matter what method of payment you use.

It looks like Clear will not have to return his next donation, which is good for him and Bitcoin. I think the FEC’s stance is in line to what the Supreme Courts position would be on this issue by their recent campaign contribution rulings. It will certainly be interesting to see if even more money will flow into politics with the pseudo-anonumous cryptocurrency.

[textmarker color=”C24000″]Source[/textmarker] COINBUZZ