Voting for crypto

COPY THE LABENBACHER LOG – stories from around the world that you may have missed

The B52 founders live and breathe hybrid banking, so much so that Thomas Labenbacher collects related stories from around the banking world. He’s a veritable magpie, so here’s the latest tale to catch his eye. Let’s go to the USA…


Voting for crypto

While many regulators and politicians around the world are still worrying over cryptocurrencies, in Colorado, USA,  political candidates could soon accept cryptocurrency donations for their campaigns.

The US Federal Election Commission has already approved the acceptance of Bitcoin as in-kind donations for political campaigns, and this would be treated as cash donations, the value being determined at the time of donation. Colorado is likely to follow this designation of cryptocurrency being an in-kind donation, which would return or refund contributions back to the donors if the value of the donated cryptocurrency exceeds the aggregate limit.

Colorado’s deputy secretary of state Suzanne Staiert said, “It’s going to be an accounting problem, potentially, for campaigns who want to use it. Colorado is not the first state to allow political donations in cryptocurrencies. The first was New Hampshire, which began in 2014.

Commenting on this interesting new use of crypto, Thomas Labenbacher demonstrates the B52 philosophy:

“B52 is offering anyone asking and collecting cryptocurrencies for a special purpose to register and sign up for a B52 account. The account will do the necessary exchange inside, and gets the customer set up to consume any banking services, with any asset and currency.”

Well that should get everyone’s vote!

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