Republicans are really warming up to Bitcoin.
A number of Republican Governors have already paved the way for the crypto industry to thrive in their states, but now certain elements within The GOP are taking it even further.
According to reports, The National Republican Congressional Committee will start accepting donations in the form of Bitcoin.
I don’t know about you, but when I hear that politicians are now accepting donations in Bitcoin I can’t help but smile.
This was the currency that was supposed to go to zero, and it was denounced as a scam having no real value for the longest time.
Criminals use Bitcoin, or so we were told. It’s bound to fail and ruin all its investors, or so we were told……
Looks like even the political elite are now singing a different tune when it comes to crypto, and I wouldn’t be surprised if this were only the beginning.
Have a look:
— Emily Brooks (@emilyelarsen) June 17, 2021
Coin Telegraph gave us some insight into this recent development:
The National Republican Congressional Committee, or NRCC, announced Thursday that it will begin accepting campaign donations in cryptocurrency as a part of a broader effort to retake the House and stop Democrats from pursuing their policy agenda.
“The NRCC is proud to lead the charge in accepting cryptocurrency campaign contributions,” chairman Tom Emmerson said in a statement, adding:
“We are focused on pursuing every avenue possible to further our mission of stopping Nancy Pelosi’s socialist agenda and retaking the House majority, and this innovative technology will help provide Republicans the resources we need to succeed.”
The GOP will accept payments in Bitcoin (BTC) and other cryptocurrencies through BitPay, a leading digital payment processor. Cryptocurrencies received through BitPay can be liquidated immediately for dollars.
The National Republican Congressional Committee (NRCC) has become the first United States national party committee to accept #Bitcoin donations. 🇺🇸
— 𝗕𝗼𝘄𝗧𝗶𝗲𝗱𝗦𝘁𝗮𝗴.𝗲𝘁𝗵 (@BowTiedStag) June 17, 2021
The GOP has argued that bitcoin and crypto currencies are scams and used by criminals for illegal and criminal activity.
Today the National Republican Congressional Committee (NRCC) said they will accept bitcoin and crypto currencies for campaign donations.
— John Oberlin (@OMGno2trump) June 17, 2021
Axios had more:
The National Republican Congressional Committee is the first national party committee to solicit crypto donations. That puts it at the forefront of a disruptive financial technology that could test campaign finance rules.
How it works: The NRCC tells Axios it will process the donations using the payment processor BitPay. Crypto donations will be immediately converted into dollars before landing in the NRCC’s account.
That means the committee will never actually take possession of the donated cryptocurrencies, allowing it to accept individual donations of up to $10,000 per year, rather than the $100 value for transfers of actual cryptocurrency like Bitcoin that the FEC approved in a 2014 ruling.
In other words, the NRCC isn’t actually receiving crypto, it’s just soliciting proceeds from their sales.
It takes a step out of the process, allowing a more seamless transaction from crypto holdings to political contributions.
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