US Republican Party’s election arm to accept cryptocurrency donations

US Republican Party's election arm to accept cryptocurrency donations

“The NRCC said that it will collect all identifying data from individuals who donate with crypto.
The United States’ National Republican Congressional Committee — the body responsible for coordinating Republican electoral efforts — is introducing donations in cryptocurrencies like Bitcoin (BTC).The NRCC announced Wednesday on Twitter that the committee will begin accepting crypto donations for election campaigns, sending its fundraising efforts “to the moon.”https://t.co/aIisNV5BiD pic.twitter.com/F9ktKFfHAq— NRCC (@NRCC) June 17, 2021

According to a Wednesday report by Axios news agency, the NRCC will process crypto donations using major payment platform BitPay, through which donations will be immediately converted to U.S. dollars.The cash conversion means that the NRCC will be able to accept individual donations of up to $10,000 per year — multitudes more than the $100 maximum-value limit for transfers of actual cryptocurrencies. The NRCC said that it will collect all identifying data from individuals who donate with crypto.NRCC chairman and Minnesota Representative Tom Emmer said that accepting crypto is part of Republicans’ efforts to pursue “every avenue possible” for winning elections. “This innovative technology will help provide Republicans the resources we need to succeed,” he said.Related: XRP Is Not a Security, Argues US Congressman Tom EmmerEmmer has emerged as a prominent proponent for cryptocurrencies in Congress. Last year, Emmer started accepting donations for his own campaign via BitPay.Last month, Emmer reintroduced a bill that aims to prevent the Internal Revenue Service from imposing penalties or fees on crypto taxpayers with forked assets. “

Source: Cointelegraph.com News

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