Minnesota House Bill Looks to Halt Any and All Crypto Donations For Political Campaigns
- Crypto donations could be banned in Minnesota
- There are political candidates that accept digital assets to fund their campaigns
There is a group of Democratic Minnesota House Representatives that do not want cryptocurrency donations for political campaigns. The Minnesota House Bill 2884 that was introduced by a group of democratic representatives wants to outlaw donations in cryptocurrencies.
Minnesota House Bill Wants To Ban Crypto Donations
As cryptocurrencies expanded all around the world, they have also been used to donate funds for political campaigns. The new Bill 2884 was introduced by Rep. Rick Hansen, Rep. Jamie Becker-finn, Rep. Raymond Dehn, and Rep. Peter Fischer and it wants to ban donations in digital currencies.
At the moment, there is no current information on whether stablecoins backed by fiat currencies would enter in this category. The Bill reads as follows:
“An individual, political committee, political fund, principal campaign committee, or party unit that knowingly solicits or accepts any digital unit of exchange is subject to a civil penalty imposed by the board of up to $3,000.”
One of the first candidates to accept Bitcoin was Andrew Hemingway, that accepted donations in the most popular cryptocurrency as early as 2014. Now, Andrew Yang is also accepting cryptocurrency donations for his presidential bid for the democratic party. Mr. Yang proposes economic policies such as a basic income.
Bitcoin is the most popular digital asset in the market and the most valuable. According to CoinMarketCap, the virtual currency is currently being traded around $11,380 and it has a market capitalization of $202 billion.