American Presidential Candidate Accepts Bitcoin for Campaign Donations
As cryptocurrencies continue to captivate the public’s imagination and the media’s coverage with stories of massive gains and innovative new blockchain technology, creative applications are becoming more and more commonplace. In particular, American interests in blockchain technology have been somewhat public in nature. Some universities have begun using the technology to issue degrees in certain programs, while hospitals are using blockchain tech to renovate their IT services.
But one man is directly embracing cryptocurrency itself in his decisive campaign to become president in the 2020 election. Andrew Yang recently tweeted out the announcement that he and his team, Yang 2020, would begin accepting cryptocurrencies for donation in their bid for the presidency in two years. After President Trump ends his four-year term, competition will be fierce for the position of Commander-in-Chief. It is likely that Yang’s newest idea is an effort to appeal to tech-oriented voters, many of whom would be supremely interested in supporting candidates using alternative digital currencies.
However, many pundits remark that this latest move could create several unique problems, both for the candidate and the larger cryptocurrency community. In particular, stringent American laws regarding campaign finance could spell trouble for the cryptocurrency donations, many of which could end up being largely anonymous.
HUGE news – my campaign can now accept Bitcoin, Ethereum and other cryptocurrencies! https://t.co/GScyqfZXLY Let’s build the future together. @Steven_McKie @JulianSarokin @yidagao @AdamDraper @mashadrokova @albertwenger @novogratz @ericbahn @RamanFrey @richardtitus
— Andrew Yang (@AndrewYangVFA) July 24, 2018
Andrew Yang Candidacy
Andrew Yang is the latest candidate in the trend of entrepreneurs running for office. Following the massive success of the initially grass-roots Donald Trump campaign in 2016, it became clear that Americans are interested in having businessmen audition to run the country. Yang would not be apt to compare himself to the staunch conservative currently in the White House, however.
In addition to being a democratic candidate, Yang also boasts an extensive history within the technology sector, championing an understanding of cryptocurrency and blockchain technology and an interest in using tech for the betterment of all of humanity. One of his main goals to be outlined during his campaign is to establish a unique universal basic income, or UBI, for citizens of the United States.
How To Support Yang
Yang’s recent announcement leads potential sponsors to a Google document which will collect basic information about the person who wants to donate to the campaign. In order to submit personal details and access the recipient wallet, donators have to first click to confirm that they are following the rules traditionally associated with campaign contributions, such as being of legal voting age and not using a business wallet or being a federal contractor.
Yang’s cryptocurrency campaign relies on people not sharing the recipient address. If this address is leaked, people would be able to make completely anonymous donations to his campaign. While this sounds good in theory, it is absolutely against federal regulation. One of the main problems with this particular campaign, this could easily create large issues for Yang further down the road, especially once the address is inevitably leaked.
The maximum donation amount of $2,500, and Yang’s campaign accepts donations in the form of Bitcoin, or any other coin listed in the top twenty digital currencies.