The United States House Republicans’ campaign arm, the National Republican Congressional Committee (NRCC), has announced that it would begin taking bitcoin payments.
The group claimed to be the first national party committee to accept cryptocurrency donations, such as Bitcoin, which it said would help it assist Republican presidential candidates next year in the midterm elections.
“The NRCC is proud to lead the charge in accepting cryptocurrency campaign contributions,” said NRCC Chairman Tom Emmer “We are focused on pursuing every avenue possible to further our mission … and retaking the House majority, and this innovative technology will help provide Republicans the resources we need to succeed,” According to Axios, the NRCC will gather identifying information from anybody who donates to the committee using bitcoin.
According to reports, the organization has collaborated with Bitpay, a Bitcoin and cryptocurrency payment service provider. Before reaching the committee’s account, the crypto-donations will be translated into US dollars, according to NRCC spokesperson Michael McAdams.
In 2014, the Federal Election Committee approved a $100 value for genuine bitcoin transfers. McAdams declared the NRCC would “accept all the same personal relevant information that we do with any other contribution up to the normal contribution limits.”
In the end, this approach allows an individual to donate up to $10,000 to the committee over a year, compared to the Federal Election Commission’s restriction of $100 per year for cryptocurrency transactions like Bitcoin.
Despite having a crypto coin named after him, former President Donald Trump is not a fan of cryptocurrencies. He told Fox Business on June 8 that he believes Bitcoin is a “scam” that is depreciating the US currency.
“Bitcoin, it just seems like a scam,” Trump remarked.”I don’t like it because it’s another currency competing against the dollar.” He went on to say that he prefers the dollar to be “the currency of the world.”
It’s hardly unexpected that the NRCC chose to try something new. Emmer is a member of the House Financial Services Committee and co-chairman of the Congressional Blockchain Caucus. He recently urged the IRS to relax restrictions governing bitcoin payments to charities.
Some US politicians, including Emmer and former presidential candidate Andrew Yang, have previously accepted bitcoin donations.
The Biden administration asked for bitcoin transfers of $10,000 or more to be reported to the Internal Revenue Service (IRS) last month.
El Salvador became the first country in the world to make bitcoin legal money last week.