The Texas Ethics Commission proposed an exclusive framework for Cryptocurrency contributions yesterday, to further address and clarify the reporting requirements of political contributions made with cryptocurrencies like Bitcoin. The proposal mirrored the Federal Election Commission (FEC) and several other state commissions like the IRS and SEC’s treatment of cryptocurrency contributions and holdings as investments instead of currency. According to the new rule, authorities will be able to accept crypto payments. However, the decentralized currency will only be reported as in-kind contributions.
“The new rule permits candidates, officeholders, and political committees to accept cryptocurrency. It does it distinguish between any types of cryptocurrencies, like Bitcoin. The rule would require filers to report cryptocurrency as in-kind contributions. Campaigns would be required to liquidate any cryptocurrency before spending the proceeds; they would not be permitted to use cryptocurre
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