Andrew Yang Political Action Committee To Accept BTC Donations Through the Lightning Network
- Andrew Yang’s PAC accepts Bitcoin donations through the Lightning Network
- The Lightning Network continues expanding around the world
For the first time in history, a U.S. presidential candidate is going to be accepting Bitcoin (BTC) through the Lightning Network (LN). The information was released by the Political Action Committee (PAC) called Humanity Forward Fund (Humanity FWD) on its website on July 25. The decision to accept Bitcoin is related to its fundraising program called
“21 Days of Bitcoin for the 21st Century.”
Andrew Yang Accepts Bitcoin LN Donations
Humanity FWD is a PAC that was launched by supporters of the Democratic presidential candidate Yang on July 27. The main goal is to gather funds in order to help Mr. Yang run for president next year. In order to accept Bitcoin payments, the PAC partnered with the Bitcoin payment processor called OpenNode.
Surprisingly, this challenge started by Humanity FWD will be accepting Bitcoin from Lightning wallets rather than traditional Bitcoin transactions on the chain. At the moment, the official site is not working.
The official site read as follows:
“HumanityFWD has partnered with OpenNode on the ‘21 DAYS OF BITCOIN FOR THE 21st CENTURY’ fundraising challenge – to celebrate the launch of the Humanity Forward Fund to get Andrew Yang elected President! From July 25th to August 14th we will be EXCLUSIVELY accepting Bitcoin donations via OpenNode.”
According to the founder of Humanity FWD, Seth Cohen, they want to accept Bitcoin donations to reduce transaction fees compared to other means of payments such as credit cards. He explained that there are credit card processors that charge up to 4% while OpenNode works with just 1%.
At the moment there is no information on whether the funds are going to be sold or held awaiting for a price increase on Bitcoin after the program ends. Cohen also mentioned that it is important to think about regulations for the cryptocurrency market and how to deal with volatility.
Back in 2018, California’s campaign regulator decided to ban crypto donations for political purposes and campaigns. There were some issues related to traceability and transparency. Yang has also proposed flexible crypto regulations for the market.
The Lightning Network is a second-layer scaling solution for Bitcoin that is expected to help the digital asset scale and process a larger number of transactions.