The next phase of crypto adoption amongst politicians sees NFTs auctioned off to raise money for campaigns.
US politicians are increasingly using NFTs and crypto. Republican Blake Masters, running for the Arizona senator, is offering NFTs to campaign donors. He had raised nearly $ 575,000 by the end of December 2021 by donating artwork NFTs to donors for a startup book co-authored by Masters.
Shrini Kurani, who’s running for a House seat in California, says, “NFTs are our campaign merchandise.” She offered NFTs in 2021 to try to win the support of younger voters but only raised about $6000.
Representative Tom Emmer, who chairs the Republican National Congressional Committee, said in June 2021 that “[crypto] will help provide Republicans with the resources we need to be successful.
Senator Cynthia Lummis, known for her pro-crypto stance, has also weighed in on the matter. “Financial innovation is a good thing,” she opines. ”Digital assets are secure and easy to use….” She went on to say, ”…I hope my fellow senators will join me in championing financial innovation.” Lummis said in late 2021 that she wants Wyoming to set a precedent for cryptocurrencies. Senator Pat Toomey is also a known bitcoin proponent and has assisted the Biden administration in narrowing the definition of the term “broker” in the context of the recently released bipartisan tax bill.
Bitcoin Privacy and Donor Law
The Federal Election Commission first gave the green light to cryptocurrency donations almost eight years ago. Twelve campaign committees have so far received $ 1 million in crypto donations, a far cry from the tens of billions of dollars raised by many other campaign committees. Democrats on the commission said in 2014 that bitcoin donations should be capped at $ 100, given the incompatibility of donor disclosure laws with the privacy inherent in bitcoin. Republicans rejected the advisory opinion, which allowed cryptocurrency donations to be allowed without limits. This meant that the crypto had to meet disclosure requirements and limitations on regular contributions.
NFTs are reaching into Asian politics
A South Korean 2022 presidential candidate recently announced that he would be issuing NFTs as recipients to donors to his campaign. The campaign will accept bitcoin, ether, and one of three other cryptocurrencies under review. He also has pegged his hopes on using crypto to win over younger voters. Representative Lee Kwang-Jae from the campaign committee said concerning the compliance surrounding such donations, “The donations will be managed in compliance with the Public Official Election Act and the Guidelines on Management of Political Funds.”
Florida gubernatorial candidate Nikki Fried has announced that her campaign will accept donations of crypto through the Florida Consumers First Committee.
