Starting in 60 days, California has passed a fresh law to allow cryptocurrency donations to all candidates aspiring for local and state political offices.
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California Joined the list of States that Embrace Crypto Donations for Political Campaigns
According to a report by the LA Times on Thursday, the new law to accept crypto donations by contestants for political offices in California was passed following the approval of new requirements by the state’s Fair Political Practices Commission.
The contestants can receive donations in cryptocurrency, provided they can convert these cryptocurrencies into fiat immediately, as stated in the law.
The law also noted all candidates planning to receive donations through crypto should work closely with cryptocurrency processors to handle the transactions.
The processor must also perform essential Know Your Customer (KYC) practices like collecting the contributor’s name, address, occupation, and employer.
California had earlier prohibited crypto donations alongside some states in the US while some states like Washington, DC allow donations in crypto for political campaigns.
Generally, politicians aspiring for political offices in the United States are allowed to receive crypto donations for campaigns. Meanwhile, States in the US are divided on this move, citing issues like transparency, market volatility, and a lack of regulations.
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