Read

/send

<div class="protos"> 
 <div> 
  <div> 
   <div> 
    <p>The <a rel="noopener noreferrer nofollow" title="California" href="https://thebittimes.com/tag/california.html">California</a> Fair Political Practices Commission (FPPC) has updated both of its <a rel="noopener noreferrer nofollow" title="campaign" href="https://thebittimes.com/tag/campaign.html">campaign</a> disclosure manuals with clear <a rel="noopener noreferrer nofollow" title="rules" href="https://thebittimes.com/tag/rules.html">rules</a> on declaring <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="contribution" href="https://thebittimes.com/tag/contribution.html">contribution</a>s.</p> 
    <p>In an agenda for an upcoming commission meeting on August 17, the FPPC outlined updates to campaign disclosure manuals 1 and 2 to “reflect recent changes in legislation and Commission regulations.” The updates include campaign contribution limits, disclosure requirements, and cryptocurrency donations.&nbsp;</p> 
    <p>Last updated in 2020, the manuals now detail how a candidate or committee can declare cryptocurrency. Listed as a nonmonetary item, a committee can now accept crypto contributions “subject to any applicable limits.” Committees can’t accept crypto from foreigners, lobbyists, or anonymous sources.</p> 
    <p>Crypto <a rel="noopener noreferrer nofollow" title="contribution" href="https://thebittimes.com/tag/contribution.html">contribution</a>s must be made through a US approved <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> payment processor — peer-to-peer <a rel="noopener noreferrer nofollow" title="contribution" href="https://thebittimes.com/tag/contribution.html">contribution</a>s are not allowed. The payment processor must be registered with the US Department of Treasury and its Financial Crimes Enforcement Network (FinCEN) and needs to have robust know-your-customer (KYC) checks.</p> 
    <figure class="wp-block-embed is-type-wp-embed is-provider-protos wp-block-embed-protos"> 
     <div class="wp-block-embed__wrapper"> 
      <blockquote class="wp-embedded-content" data-secret="QQ9hwhPOtg">
        Sam Bankman-Fried learns crypto donations don’t always win elections 
      </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“Sam Bankman-Fried learns crypto donations don’t always win elections” — Protos" src="https://protos.com/sam-bankman-fried-learns-crypto-donations-dont-always-win-elections/embed/#?secret=nStM34gzfu#?secret=QQ9hwhPOtg" data-secret="QQ9hwhPOtg" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe> 
     </div> 
    </figure> 
    <p><em>Read more: Boris Johnson received record $1.2M donation from serial crypto investor</em></p> 
    <p>Payment processors are expected to collect and share KYC information of contributors with the committees within 24 hours.</p> 
    <p>Once a <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="contribution" href="https://thebittimes.com/tag/contribution.html">contribution</a> has been received, it must be immediately converted into US dollars. Committees or candidates can declare associated processing fees as expenditures and must report the <a rel="noopener noreferrer nofollow" title="contribution" href="https://thebittimes.com/tag/contribution.html">contribution</a>s as a “miscellaneous increase to cash.”</p> 
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;</em><em>Twitter</em><em>,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p> 
   </div> 
  </div> 
 </div> 
</div>

California updates campaign contribution rules to include crypto

TheBitTimes

Other articles published on Aug 11, 2023

Uphold CEO Shares How Ripple Ruling News Led to 5000% Surge in XRP Trading Volume

Canada’s RCMP Calls for Cryptocurrency and NFT Storage Solution

The Coinbase layer-2 network reached 136k daily users

Court Files Ripple’s Jury Trial: Crypto Attorney Assures XRP’s Status

XRP Price on Gemini Shoots $50 In Hours of Listing, Here's Why?

Bitcoin trader reveals 'important' BTC price zone as bulls hold $29.3K

Join our free newsletter for daily crypto updates!