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’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.
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.
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