Legislators in the golden state have voted to end the ban on cryptocurrency donations to state and municipal political candidates.
The Fair Political Practices Commission (FPPC) ruled Thursday that California residents can make donations of any amount (within California’s contribution limits) in cryptocurrencies such as Bitcoin.
But don’t get too excited, anon. While accepting crypto donations may seem like California is embracing the permissionless, global, and pseudonymous nature of crypto, there’s a catch.
Political campaigns must immediately convert any crypto donations into U.S. dollars, and only payment processors registered with the U.S. Department of Treasury can be used.
Furthermore, all state and local campaigns must have “adequate KYC procedures that enable it to form a reasonable belief that it knows the true identity of each contributor,” according to the approved regulation, which was first initiated back in May. Anyone who donates cryptocurrency must also provide...
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