California lifts ban on cryptocurrency donations to politicians

The California Fair Political Practices Commission lifted the ban on politicians accepting donations in digital assets, which had been in place since 2018.

The participants voted unanimously to repeal the restriction. The updated rule envisions processing transactions through a third-party payment processor headquartered in the United States.

The processor must register with FinCEN and comply with KYC procedures. All receipts must be immediately converted to U.S. dollars and transferred to a bank account.

Earlier in the second quarter of 2022, executives of cryptocurrency companies and venture funds actively contributed to the pre-election campaigns of U.S. senators Cynthia Lummis and Kirsten Gillibrand.

Follow ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, prices and analysis.