Crypto News
18 Jun 2021

The U.S Republican House Campaign Division to Accept Crypto Donations

Farheen Shaikh

The National Republican Congressional Committee recently announced that they would start accepting donations in cryptocurrencies. By doing so, they have become the first national political party committee to be taking contributions via cryptocurrencies.

Before this, U.S. political candidates like Emmer and former presidential hopeful Andrew Yang have also accepted crypto donations. However, a national political party engaging in cryptocurrency is a reassuring move, considering the state of Bitcoin in the United States a few years back.

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What Happened?

The NRCC has partnered with BitPay for facilitating all the cryptocurrency donations. They will, however, not hold any cryptocurrencies. Instead, all the donations will be converted to U.S. dollars before it hits the committee’s bank account, enabling more money to flow into their donation trunk.

In 2014, the Federal Election Committee had approved a $100 value for transfers of actual cryptocurrency, but now, since the cryptocurrencies get converted to U.S. dollars, the NRCC can accept individual donations of as much as $10,000 per year bypassing the FEC’s cap.

 “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,” Axios cited NRCC Chairman Rep. Tom Emmer (R-Minn.) as saying in a statement.

What Does This Mean?

  • The National Republican Congressional Committee soliciting donations via cryptocurrencies may help in boosting people’s confidence around the topic. It has brought a lot of attention to cryptocurrencies, pushing them further towards the mainstream.
  • It is also a forward step towards bringing favourable regulations around cryptocurrencies, which might also translate to other countries following the same path.

If anything, the news indicates the growing familiarity and interest of people and committee’s in cryptocurrencies.

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Farheen Shaikh

Content Writer

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