The National Republican Congressional Committee (NRCC) in the United States Congress has begun accepting cryptocurrency donations for campaigns.
https://t.co/aIisNV5BiD pic.twitter.com/F9ktKFfHAq
— NRCC (@NRCC) June 17, 2021
According to Axios, BitPay processes payments for the NRCC. Currently, two digital assets are available for contributions — Bitcoin and Bitcoin Cash.
BitPay automatically converts the cryptocurrency into US dollars, which are then credited to the NRCC’s account. In effect, the committee will not hold the digital assets, enabling it to accept individual donations of up to $10,000 per year.
In 2014, the U.S. Federal Election Commission set a $100 annual limit on cryptocurrency transfers to such committees.
The NRCC said it would collect identifying information from people donating digital assets.
According to committee chairman Tom Emmer, the move will ‘provide Republicans with the resources they need to achieve success’.
The NRCC became the first federal-level political organisation to accept cryptocurrency donations. However, digital assets have previously been used to fund electoral campaigns in the United States.
In 2019, supporters of Democratic presidential candidate Andrew Yang launched the independent political action committee Humanity Forward Fund, which, among other things, enabled Bitcoin donations via Lightning wallets.