Bitcoin to finance election campaigns?


The Federal Election Commission is debating a proposal to let political candidates and campaign committees accept bitcoins as contributions, in the same way computer equipment or shares of stock are sometimes given as donations, the Washington Post reports today.

The FEC panel appeared to be leaning toward sanctioning them — says the paper — as long as it can resolve concerns about whether the Internet cash could be used to mask the identities of donors.

“There’s a balancing act here,” Commissioner Matthew Petersen, a Republican appointee, said at the end of an hour-long discussion. “There’s this new technology that no one wants to strangle in its infancy,” but the panel also is “trying to make sure that there are adequate protections so that it couldn’t serve as a vehicle for illegal or prohibited contributions to flood into the system.”

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