Monday, October 3, 2022
HomeLaw & PoliticsLouisiana introduces bill to allow crypto donations for political campaigns

Louisiana introduces bill to allow crypto donations for political campaigns

A proposed bill in Louisiana’s House of Representatives would explicitly authorise political campaigns to accept bitcoin payments. The measure, which was introduced on February 25, will be addressed before the House during its upcoming regular session.

Representative Mark Wright is the bill’s sponsor, and it proposes that cryptocurrency donations be accepted by candidates, officeholders, and political parties. Candidates would also be expected to keep track of and report any cryptocurrency contributions. However, the law also specifies that candidates would only be permitted to deal with crypto after converting it to money. The bill essentially attempts to recognise cryptocurrency contributions as a kind of “in-kind” gift, i.e. an item or service other than money. Cryptocurrency is not recognised as legal tender at the government level.

In addition, the bill attempts to classify cryptocurrency as a virtual currency under Louisiana law. Nonetheless, the bill is in its early stages. It will be presented to the lower house when its regular session begins on March 14. If it receives a majority vote there, it will be sent to the Louisiana Senate for additional consideration. Several states in the United States have approved legislation embracing cryptocurrency in some form, intending to gain on the market’s recent surge. Virginia has passed legislation allowing banks to provide crypto custody services.

Colorado said last month that it would begin taking Bitcoin and other popular cryptocurrencies as tax payments. Wyoming has approved the establishment of crypto-focused institutions, while Oklahoma has presented legislation that would enable cryptocurrency to be used in government transactions. A report from the National Conference of State Legislatures says that in 2021, 33 states will be passing crypto-related laws.

Louisiana approved the Virtual Currency Business Act in 2020, making it the second state, after New York, to require crypto companies to seek a licence to operate in the state.

Related Posts:

Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

17 + eighteen =

- Advertisment -

Most Popular