Cryptocurrency donations have become a big part of campaign fundraising for many candidates running for office across the U.S. this year
Shrina Kurani, a Democrat candidate for Congress running in the California's 41st District poses for a picture at her field office in Riverside, Calif., Saturday, May 28, 2022. As a congressional candidate in California, Kurani can do something candidates for statewide office or the state legislature cannot do, raise campaign donations through cryptocurrency. The state banned the practice four years ago, but under federal rules it's allowed for candidates running for Congress.
The difference underscores not just the rising popularity of cryptocurrencies but also how regulation varies widely across the U.S. “Blockchain technology can increase participation in the political process in a very positive way,” Boring said, noting that is particularly true for younger people and members of minority groups who might be skeptical of traditional monetary methods.
Timothy Massad, a former chairman of the U.S. Commodity Futures Trading Commission, also is concerned about disclosures. In the 2017-18 election cycle, cryptocurrency donations reported to the Federal Election Commission came to just over $1.2 million. They have hit about $500,000 so far in the current cycle, which has months to go before the general election.
Jay Wierenga, spokesperson for the California Fair Political Practices Commission, said the agency will reexamine its ban later this year. That feeling isn't unanimous. One of the few state lawmakers who opposed prohibiting cryptocurrency donations was Republican Rep. Bill Post. He said a lot of people in the Legislature simply didn't understand it.
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