The House Republicans’ campaign arm announced Thursday it will start accepting cryptocurrency as a form of campaign donations.
This makes the National Republican Congressional Committee the first national party committee to accept such a form of monetary currency for political contributions.
BIDEN ADMINISTRATION CALLS FOR CRYPTOCURRENCY TRANSFERS OVER $10,000 TO BE REPORTED TO IRS
“The NRCC is proud to lead the charge in accepting cryptocurrency campaign contributions,” NRCC Chairman Tom Emmer said in a statement. “We are focused on pursuing every avenue possible to further our mission of stopping Nancy Pelosi’s socialist agenda and retaking the House majority, and this innovative technology will help provide Republicans the resources we need to succeed.”
The NRCC will accept cryptocurrency using Bitpay, a provider of Bitcoin and cryptocurrency payment services. The cryptocurrency payment processor will sell contributed crypto in U.S. dollars and send the money to the committee’s account, the NRCC first explained to Axios.
Ultimately, through this process, an individual can max out his or her donation up to $10,000 over one year to the committee as opposed to the Federal Election Commission limit of $100 per year for cryptocurrency transfers like Bitcoin.
Former President Donald Trump is not a fan of cryptocurrency despite having a cryptocoin named after him. On June 8, he told Fox Business that he thinks Bitcoin is a “scam” hurting the value of the U.S. dollar.
“Bitcoin, it just seems like a scam,” Trump said. “I don’t like it because it’s another currency competing against the dollar.” He added he would rather see the dollar be “the currency of the world.”
It is not too surprising the NRCC decided to make this innovation. Emmer is the co-chairman of the Congressional Blockchain Caucus, as well as a member of the House Financial Services Committee. He recently called upon the IRS to loosen regulations on cryptocurrency donations to charitable organizations.
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Last month, the Biden administration called for cryptocurrency transfers over $10,000 to be reported to the IRS.
