The National Republican Congressional Committee (NRCC) is set to be the first U.S. party committee to accept bitcoin donations.
According to Axios, this is after the Republican Party’s U.S. House of Representative’s campaign division announced it will now accept contributions through the world’s largest cryptocurrency by market capitalization.
“We are focused on pursuing every avenue possible to further our mission of stopping Nancy Pelosi’s socialist agenda and retaking the House majority,” NRCC Chairman Representative Tom Emmer said.
He also added that this innovative technology will provide Republicans the resources they need to succeed.
NRCC partners with BitPay
With this development, the NRCC seeks to process the bitcoin donations and other crypto contributions through cryptocurrency payment service provider BitPay.
The payment processor was selected by the members of the committee to have digital currency donations instantly converted to dollars before landing in the NRCC account. This strategy is also meant to clarify that the NRCC won’t be holding bitcoin or any other virtual currency and is simply expanding the donating options for contributors.
Back in 2014, the Federal Election Commission approved that “a committee can receive bitcoins as contributions.” There were limitations though, as individual contributions are limited to just $100 worth of bitcoin.
Meanwhile, NRCC believes by only accepting the dollar equivalent of crypto donations, they can get as much as $10,000 worth of individual donations per year.
Sticking to guidelines
The NRCC might be opening up for new avenues and ideas for donations, but it assured it will diligently gather more information from individuals who use crypto to donate.
This might be the committee’s play at the recent concerns aired by the Federal Election Commission regarding the alleged tensions between federal transparency and anonymity that some cryptocurrencies supposedly provide.
Image courtesy of Cointelegraph News/YouTube
Source: https://bitcoinerx.com/blockchain/republican-partys-nrcc-now-accepts-bitcoin-donations/
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