The organization will receive the funds in dollars, so it will not directly handle crypto assets. In the last three months, the committee has already reported million-dollar contributions that were record-breaking.
The Republican National Committee of the US Congress (NRCC for its acronym in English) announced this Thursday, June 17, 2021, that it will receive donations in cryptocurrencies. Through an alliance with BitPay, the entity will accept donated funds in dollars.
According to the committee’s official statement, the NRCC thus becomes the first national committee of a party to receive campaign donations in cryptocurrencies.
According to the information that Axios received from committee members, the fact that the money enters their coffers as dollars and not as bitcoin (BTC) or another cryptocurrency is beneficial. In this way, the party can receive individual donations of up to USD 10,000 per year and does not require a limitation of the USD 100 authorized by a regulation that became effective back in 2014.
The goal is to Stop a possible socialist Agenda
Tom Emmer, the president of the NRCC, said the committee is “proud of its achievements and goals by accepting these kinds of contributions regarding the motivations behind this new decision.
He stated that the Republican Committee currently focuses on following all possible paths to fulfill the mission of stopping the socialist agenda of Nancy Pelosi (NdR: Speaker of the House of Representatives since 2019) and take back the majority in the House. This innovative technology will help us provide Republicans with the resources they are needing.
The adoption of cryptocurrencies as a way to make donations is happening in a favorable context for the NRCC. According to a publication on its official site on June 15, the committee broke its fundraising record for the third consecutive month in May.
The amount raised surpassed $ 14 million, allowing the NRCC to end the regular month with cash on hand that surpasses $ 42 million.
House of Representatives Increasingly interested in Bitcoin
In recent months, bitcoin and cryptocurrencies have been named more than once in the purview of the United States of America’s House of Representatives. In April, also, approval of a law on financial services that seeks to promote initiatives related to innovation in the field of digital assets came to terms recently.
At the end of May, the director of the Office of the Comptroller of the Currency, Michael Hsu, brought to the members of the House Financial Services Committee his stanceabout the current legislation for cryptocurrencies. At that moment, the official explained the initiative of several government agencies to join efforts to create new regulation measures for this kind of asset.
The proposal comes from Michael Hsu, recently appointed as director of the OCC. In a virtual conference of the Committee on Financial Services of the House of Representatives of the United States of America, Hsu talked about his position on the “fragmented” regulations that have received approval for crypto assets.
By: Jenson Nuñez
