Can Cryptocurrencies Be Leveraged For Campaign Donations in 2022?

Owing to the persisting boom in the use of cryptocurrencies, donations in the interest of political campaigns are becoming exceedingly popular. Despite this type of donation being prevalent earlier, the standardized and organized structure of such donations and their scale have risen drastically in the recent past. For instance, campaign finance has become a much larger life phenomenon. It is fascinating to note the intertwining of crypto and politics. What’s more? Cryptocurrencies are protected through cryptography, making them foolproof and quite reliable for campaign donations today. The Federal Election Commission Regulations Regarding Campaign Donations Cryptocurrency is the new normal and how the Federal Election Commission regulates the use of crypto in campaigns contributes majorly to its use. Crypto donation platform called Crowdpac was launched in 2014 but clocking it in is tedious. These assets need to be converted to dollars before they become ready to spend. This process, in turn, incurs a processing fee, thereby reducing its cost-effectiveness. In that sense, crypto donations prove to be more complex in contrast to their cash and credit counterparts. The assets’ administrative, financial, and logistic hassles are a cause of concern. In recent progress, the White House urged all agencies across all government entities to look closely into the shortcomings pertaining to the use of crypto assets. Still, the on-groun...