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In a unanimous vote, the FEC, which enforces U.S. campaign
finance laws, said a political committee could accept donations
in bitcoins up to an individual limit of $100 for each election
cycle and could also purchase bitcoins.
But the advisory opinion, issued in response to a request for
guidance by the Make Your Laws political action committee, said
the committee "must sell the bitcoins it purchases and deposit
the proceeds into its campaign depository before spending those
funds."
The FEC did not approve the use of bitcoins to purchase campaign
goods and services.
The agency approved the request by the Make Your Law committee
to accept individual bitcoin donations to $100 for each
electoral cycle, require contributors to list their names,
addresses, occupations and employers, and affirm they own the
bitcoins they are contributing.
Bitcoin, the most popular digital currency, is not backed by any
government or central bank, and its value can swing dramatically
based on demand. Users can transfer bitcoins to each other
online and store the currency in digital "wallets."
The FEC said it concluded that bitcoins were "money or anything
of value" under federal election law.
But it acknowledged that "government agencies, courts and others
are grappling" with whether virtual currencies should be treated
as money.
The U.S. Justice Department warned last year that many virtual
currency services did not have the proper controls in place to
prevent money laundering and could be used to dodge U.S. laws.
(Reporting by Peter Cooney; Editing by Mohammad Zargham)
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U.S.
Election Panel Approves Bitcoin Donations To Political Committees
