North Carolina To Not Accept Campaign Donations In Cryptos
The campaign finance rules that regulate North Carolina elections will not be amended to allow candidates to accept donations in Bitcoin or other cryptocurrencies.
Republican Wilder’s Proposal
Earlier this year, Emmanuel Wilder, a Republican running for a state House district from Wake County, had asked the State Board of Elections and Ethics Enforcement for formal guidance on accepting cryptocurrency to fund campaigns.
“I know that this is new, but there is a great opportunity to show that North Carolina is truly open to new emerging markets,” Wilder said in an email to the elections board.
Jen Jones, a spokeswoman for campaign finance watchdog Democracy North Carolina said,
“Since Bitcoin and cryptocurrencies make it possible for money to be transferred without any personally identifying information, one of the things the State Board should carefully consider is whether it’s possible for candidates to receive campaign donations via cryptocurrency while also complying with state disclosure requirements.”
Election Commission’s Reply
Kim Westbrook Strach, state elections executive director, told Wilder in a letter this month that cryptocurrencies cannot be reliably valued.
“We do not have the confidence that we could adequately regulate contributions to a political campaign in North Carolina in the form of cryptocurrency,” Strach wrote.
Wilder sent out a diplomatic public statement saying that he was disappointed but appreciated the state board’s consideration.
“Blockchain and other technologies hold the ability to improve how business and public institutions operate day to day,” Wilder said in a statement. “Although it might not be today, there will be a day when this technology will have a place in the political process.”