Digital currencies are growing in popularity as political donations for candidates, but not all states allow it. Critics say that without clear rules, cryptocurrency donors could evade transparency laws intended to reveal the sources of campaign money.
Digital currencies offer an alternative that does not depend on banks. Instead, transactions are validated and recorded on a decentralized digital ledger called the blockchain.
Beth Rotman, director of the Money in Politics and Ethics Program for the nonpartisan watchdog group Common Cause, worries that traceability is more difficult with cryptocurrency. The commission said political committees should value digital currency contributions based on the market value at the time the donation is received. Candidates also must return contributions that come from prohibited sources or exceed contribution limits.
Jay Wierenga, spokesperson for the California Fair Political Practices Commission, said the agency will reexamine its ban later this year.
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