Cryptocurrencies Becoming More Popular with US Lawmakers!

With the increase of the politicians accepting bitcoin as the means of political contributions, there will be more pliability of the political class with respect to the overall demand of the crypto lobby in terms of public policy development and enactment.

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Austin Petersen, Missouri Republican candidate, received donations via bitcoin valued $4,500. According to the Federal Election Commission, this is the highest valued bitcoin donation ever that an US politician has accepted.

Petersen’s campaign aide stated:

“I think it goes without saying we’re going to see a lot more of this in terms of campaign contributions and campaign financing. Austin is personally a fan of competition in the marketplace, even when it comes to our currency. With the rise of cryptocurrencies like bitcoin, it was a no-brainer for us to use those.”

There is prospect of a trend that campaign donations, from now on, would be increasingly through bitcoin and cryptocurrencies. The Missouri-based Republican Senate candidate received 24 bitcoin donations, totaling $9,700.

However, the cryptocurrencies making appearance as means of campaign fundraising has happened before. One of the recipients of bitcoin in US political arena had been Rand Paul, who accepted digital coins during his 2016 Presidential Campaign. Jared Polis, in congressional and Senate campaigns accepted bitcoin in 2014.

The Federal Election Commission has given guidance to campaign chiefs, donors and voters in relation to usage of cryptocurrency assets in a further move to help bolster their use within the campaign contribution arena of US politics.

It is a sign that in the bitcoin landscape, maturity has set in. The senior lawmakers, across the political divide, seem happy accepting digital currencies and donor engagement through digital currencies.

The arguments are floating across the policy making spectrum that it will help the promotion of cryptocurrencies and blockchain technologies with lawmakers. With the increase of the politicians accepting bitcoin as the means of political contributions, there will be more pliability of the political class with respect to the overall demand of the crypto lobby in terms of public policy development and enactment.

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