Louisiana Representative Seeks Investigation into the Use of Bitcoin in Campaign Finance -News Brief
The impetus for this investigation is a 2014 Advisory Opinion issued by the Federal Election Commission. And although this Opinion "remains a major reference point for anyone who seeks to boost their chances for election with digital money, this non-regulatory document is barely fit to serve as a definitive guide into the world of crypto campaign finance" [Bryanov, K. Bitcoin For America: Cryptocurrencies In Campaign Finance. (Accessed May 29, 2022)].
The 2014 Opinion only addressed Bitcoin as at the time Bitcoin was valued at about $400 and altcoins were just emerging as a viable alternative. So, the Opinion concluded:
...that Bitcoin could be received by campaigns as ‘in-kind donations’ – a form of contribution that provides goods and services needed for organizations’ operations rather than the money to purchase those goods and services.
[Id].
Given the inconclusiveness of the Federal Opinions being advisory in nature, the individual States are faced with inquiries on this issue and with the happenings of the 2018 wave of primaries and elections, these inquiries have significantly increased. In fact, more and more States are beginning to regulate the use of cryptocurrency as a vehicle for campaign financing [See, e.g. Coffey, B. Cryptocurrency in Campaign Finance: The Future is Here. (Accessed May 29, 2022)]. The following picture illustrates the state-by-state status of crypto regulation as relates to campaign financing as of March 3, 2022:
Now, Louisiana seeks to move away from it's present status as a State with no official statement of the legality of crypto contributions to political candidates. State Representative Mark Wright has introduced H.R. 180, which calls for the study of cryptocurrency campaign contributions by tasking the Louisiana Supervisory Committee on Campaign Finance Disclosure with studying the
issues surrounding the acceptance of campaign contributions in the form of crypto-currency and to report its findings, including any recommended legislation, to the House Committee on House and Governmental Affairs not later than sixty days prior to the 2023 Regular Session
[Wright, M. 2022 Regular Session HOUSE RESOLUTION NO. 180. (Accessed May 29, 2022)].
"HR 180 follows another house bill from the same sponsor, Rep. Mark Wright. That one would allow a candidate to receive campaign contributions in the form of cryptocurrency. That bill is making its way through the state legislature, and was referred to the Committee on House and Governmental Affairs back in March" [Moura, C. Louisiana bill proposes study on crypto campaign donations. (Accessed May 29, 2022)].
Clearly the permitting of the use of cryptocurrency as a contributive method for political candidates is a step in the right direction for a more widespread adoption of cryptocurrency. A closer watch over developments such as this is warranted.
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