NewsletterBreaking: California Approves Major Bitcoin Regulation As BTC Looks At $28K
Donating cryptocurrencies to state and local political candidates is now allowed in California. The Fair Political Practices Commission has approved new rules allowing candidates to accept crypto donations, including Bitcoin. However, candidates need to convert them immediately to US dollars.
The move comes at a time when California aims to become a “crypto capital” in the U.S. In May, California Governor Gavin Newsom signed an executive order to foster innovation through crypto and blockchain technology.
California Political Action Committees Can Accept Crypto and Bitcoin Donations
California’s Fair Political Practices Commission approved new rules allowing political candidates to accept donations in crypto such as Bitcoin, reported Los Angeles Times on July 22. The new rules will be effective after 60 days.
However, crypto donations must be converted to US dollars immediately with the help of a registered cryptocurrency processor that records the name, address, occupation, and employer of each contributor.
Interestingly, California was one of the nine states that prohibited crypto donations to political candidates. With the passing of new rules, California becomes the 13th state, along with Washington D.C., to allow crypto and bitcoin donations to political campaigns.
Whereas, candidates running for federal offices can already accept crypto donations. Several crypto-focused political action committees are looking to invest big for electing a crypto-friendly U.S. president in the next Presidential Elections in 2024.
The U.S. looks to strengthen crypto regulations as crypto adoption is increasing in the country. It will allow companies to operate under the proposed bipartisan crypto bill.
BTC Price Looks to Reach $28K
Bitcoin has a splendid rally this week. The BTC price looks to surpass the 200 WMA waiting for a breakout above $23.8k.
According to crypto analysts such as Michaël van de Poppe and Rekt Capital, the Bitcoin (BTC) price can hit $28k if it breaks above $23.8k. Currently, BTC price is trading over the $23.5k level, up 4% in the last 24 hours.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Ripple Dev Floats Idea Of Native XRP Staking Following ETFs Launch
- Donald Trump Says He Has His Pick to Replace Fed Chair Jerome Powell
- Barstool’s Dave Portnoy Buys Bitcoin, Ethereum, and XRP Following Crypto Crash
- Breaking: Banking Regulator OCC Greenlights Banks To Hold BTC, ETH, SOL, XRP For Gas Fees
- December Fed Rate-Cut Odds Rise Above 50% on Weak Jobs Reports
- Solana Price Prediction – Will the ETF Wave End SOL’s Multi-Week Downtrend?
- Ethereum Price Forms Rare Pattern as Tom Lee Makes Bold Prediction
- Is Dogecoin Price Set for a Recovery as Grayscale ETF Speculation Intensifies?
- Will MOODENG Reach $0.1 and MEW Hit $0.002 After Robinhood Listing?
- What’s Next for Cardano Price After Breaking Below Key Support Level?
- Pi Coin Price Could Jump 30%, But There’s a Catch
