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California lifts ban on political Bitcoin donations

California lifts ban on political Bitcoin donations

All attendees voted unanimously to abolish the restriction. The updated regulations require transactions to be conducted through a third-party payment processor headquartered in the U.S.

According to the California Fair Political Practices Commission, it has lifted the ban on politicians accepting donations in digital assets that had been in place since 2018.

However, to receive donations, politicians must register with the Financial Crimes Enforcement Network and follow KYC procedures. All receipts must be immediately converted to U.S. dollars and transferred to a bank account.

Recall that in the second quarter of 2022, cryptocurrency executives and venture capital funds actively donated to the campaigns of U.S. Senators Cynthia Lummis and Kirsten Gillibrand.

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