The Texas Ethics Commission is pushing for a crypto-friendly law for political donations

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The Texas Ethics Commission has suggested a new regulation allowing government officials and lawmakers to accept Bitcoin (BTC) and other digital currency donations.

The proposal submitted with the Texas Secretary of State aims to address and clarify the reporting obligations for digital currencies used in campaign donations. As per paperwork:

“The new rule permits candidates, officeholders, and political committees to accept cryptocurrency. It does not distinguish between any types of cryptocurrencies, like Bitcoin.”

If permitted, bitcoin donations must be recorded as in-kind donations or investments rather than as cash. This action “reflects how the Federal Election Commission (FEC), Internal Revenue Service (IRS), and Securities and Exchange Commission (SEC) regard digital currency contributions,” as per the Commission.

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According to the plan, political and governmental campaigns would not be allowed to spend digital currencies directly and will be required to sell digital currencies before spending the revenues. Nevertheless, the Commission made the following points:

“The rule would not require filers to liquidate their cryptocurrency holdings within any particular timeframe.”

Furthermore, the proposal aims to mitigate the significant volatility of digital currencies by requiring filers to record the fair market value of each accepted coin at the time of receipt.

Every cryptocurrency donation will be lawful if the contributor certifies that they are not a foreign national. The new rule is proposed under Texas Government Code 571.062, which allows the Commission to make rules to manage Title 15 of the Election Code, as per the petition.

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