The electoral campaign finance board of North Carolina, USA has now imposed a ban on the election candidates from accepting any campaign donations in BTC or any other digital currency. The Federal Election Commission indeed announced bank in 2014 that candidates would be allowed to accept funding contributions in alt-coins. However, the finance offices of the state campaigns are still free to make their own rules and regulations on the issue. It is, as of yet, not clear whether the other American states will follow the example of North Carolina, especially at a time when the crypto-industry has begun holding a lot of influence in the politics of the country.
Emmanuel Wilder, who is set to represent the Republican Party in the forthcoming midterm elections, had earlier sent in a request by email to the NC State Board of Elections and Ethics Enforcement, asking permission that they allow him to accept contributions in several digital currencies. He wrote, “I know that this is new, but there is a great opportunity to show that North Carolina is truly open to new emerging markets.”
The board announced the ban just following this. Wilder has respected the decision but has not failed to express his disappointment either. “Although it might not be today, there will be a day when this technology will have a place in the political process”, Wilder stated.
The primary reason for the ban is that the government hasn’t yet been able to satisfactorily value digital currencies. This paves the way for several monetary manipulations in the future election procedures. While Wilder had indeed offered a plausible solution to the issue in the mail be initially sent, Kim Westbrook Strach, State Board of Elections Executive Director for North Carolina has stated that all the different monetary limitations and factors mentioned in the regulations are in US Dollars, and she is certain that once the floodgates of cryptocurrency donations open up to the political for, the board will not be able to control it. She states, “We do not have the confidence that we could adequately regulate contributions to a political campaign in North Carolina in the form of cryptocurrency.”
In fact, North Carolina isn’t the only state to have banned cryptocurrency contributions for political campaigns. Earlier, the state government of Kansas had also issued the same ban on Bitcoin contributions, evidently because of their “disruptive nature”.