The US’ National Republican Congressional Committee, the United States House Republicans’ campaign arm, announced that it will accept donations in cryptocurrency.
According to the organization, it is the first national party committee that accepts contributions via cryptocurrency like Bitcoin. This will allow it to support Republican candidates for next year’s midterm elections.
“We are focused to pursue every avenue to further our mission… to retake the House majority, this innovative technology will help Republicans the resources they need to succeed,” NRCC Chairman Tom Emmer stated.
According to reports, Bitpay provides cryptocurrency and Bitcoin payment services. Michael McAdams, spokesperson for the NRCC, stated that crypto-donations will first be converted to US Dollars before reaching the committee’s accounts.
In 2014, the Federal Election Committee approved a $100 limit for actual cryptocurrency transfers. McAdams stated that the NRCC would accept all personal information similar to what we receive for other contributions up to the normal contribution limits.
Emmer, as well as former presidential hopeful Andrew Yang have previously accepted donations via cryptocurrency.
The US Securities and Exchange Commission (SEC), has been reluctant to accept cryptocurrency, as many investment firms are looking into a Bitcoin Exchange Traded Fund. Gary Gensler , the newly appointed Chief of the SEC, pointed to stricter regulations regarding cryptocurrency.