Cryptocurrency donations to state and municipal political campaigns are now permitted in California. The Fair Political Practices Commission has adopted new regulations that enable candidates to accept cryptocurrency payments such as Bitcoin. Candidates must, however, promptly convert them to US currency.
The move comes as California strives to become the country’s “crypto capital.” California Governor Gavin Newsom issued an executive order in May to promote innovation via cryptocurrency and blockchain technologies.
According to the Los Angeles Times, California Fair Political Practices Commission passed new regulations on July 22 that enable political candidates to accept crypto payments such as Bitcoin. The new regulations will go into force after 60 days.
However, crypto payments must be converted to US dollars promptly via a registered cryptocurrency processor that records each contributor’s identity, address, profession, and employer.
California, interestingly, was one of the nine states that barred crypto contributions to political politicians. With the adoption of new regulations, California joins Washington, D.C. as the 13th state to permit crypto and bitcoin contributions to political campaigns.
Candidates for federal seats, on the other hand, may already take cryptocurrency contributions. Several crypto-focused political action committees are aiming to spend heavily in the upcoming Presidential Elections in 2024 in order to elect a crypto-friendly U.S. president.
As crypto use grows in the nation, the United States seeks to enhance crypto rules. It will enable businesses to operate under the proposed bipartisan cryptocurrency law.
This week has been a fantastic surge for Bitcoin. The BTC price seems to be approaching the 200 WMA, with a break over $23.8k expected.
According to crypto specialists such as Michael van de Poppe and Rekt Capital, if Bitcoin (BTC) breaks over $23.8k, it might reach $28k. BTC is now trading over the $23.5k mark, up 4% in the previous 24 hours.