Rand Paul is accepting contributions of up to $100 worth of Bitcoin on his official campaign website. Paul is the first U.S. presidential candidate to accept contributions in the form of virtual currency.
Although the legal landscape for virtual currencies is still developing, in an advisory opinion last year the Federal Election Commission (FEC) confirmed that contributions of Bitcoin would be treated as permissible in-kind contributions under the Federal Election Campaign Act. Contributions made in Bitcoin are subject to the same laws applicable to other campaign contributions, meaning that a campaign must examine the eligibility of campaign contributors and legality of contributions.
Given the ability of parties in Bitcoin transactions to be essentially anonymous, campaigns will be required to take steps to gather information from Bitcoin contributors in order to comply with the campaign finance laws. Paul’s website requires contributors to provide their name, physical address, e-mail address, employer and occupation in order to make a contribution.
For more information on legal matters related to Bitcoin and crypto-currencies, contact Jeremy Garner at email@example.com or (443) 921-4211.
Read more from Mr. Garner about this topic in The Daily Record.