Bitcoin Foundation Supports Bitcoin Use in Campaign Contributions

By John Adams

Published September 18, 2013, 11:54 a.m. EDT

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Updated September 18, 2013, 10:54 a.m. EDT

1 Min Read

The Bitcoin Foundation, a trade group, is urging the Federal Election Commission (FEC) to allow bitcoins to be used for federal political contributions.

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The FEC is considering the issue in the context of a request from a political action committee, and is expected to make a decision by October 28.

"Various state and national-level campaigns are already accepting bitcoins, and they are well-suited to political contributions because of the transparent nature of Bitcoin transactions," said Jacob S. Farber, a lawyer with Perkins Coie who is representing the Bitcoin Foundation, which includes companies and other entrepreneurs in the Bitcoin industry. The foundation did not return a request for comment by deadline.

The Bitcoin Foundation has worked on regulatory issues such as the Fincen guidelines on virtual currency and regulatory actions by California and New York.

Executive Editor, Payments

John Adams is executive editor of payments for American Banker. John interviews top executives in the payments, cryptocurrency and fintech... Read full bio

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