The California Fair Political Practices Commission is holding a meeting at 10 a.m. today to discuss whether campaigns should be able to accept bitcoin and other cryptocurrencies as political contributions.
Though staff members have conducted extensive research, FPCC commissioners have yet to formally address the issue. The commission's legal division concluded in a recent memo that cryptocurrency contributions do not violate the state's Political Reform Act — a 1974 initiative that created the commission to regulate campaign finance, lobbying activity and conflicts of interest.
While it's not illegal to accept donations through bitcoin and cryptocurrencies, the FPCC memo strongly discourages campaigns from doing so.
"One of the main purposes of the (Political Reform) Act is to allow the public and enforcement agencies to be able to accurately identify the true source of a campaign contribution," the memo says. "Given the anonymous nature of digital currency, which is rapidly developing and constantly evolving, there could be significant difficulties in establishing the true source of bitcoin donors."
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Jay Wierenga, communications director for the FPPC, said a formal decision from the commission is unlikely to take place today.
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