Louisiana Bill Seeks to Lay Rules for Cryptocurrency Political Donations
The proposed bill sets out by defining cryptocurrency. It reads that such an asset “means a digital or virtual currency that is not issued by any central authority, is designed to function as a medium of exchange and uses encryption technology to regulate the generation of units of currency, to verify fund transfers, and to prevent counterfeiting.”
“A candidate, officeholder, or political committee must sell cryptocurrency and deposit the proceeds from the sale into an account before making an expenditure from a cryptocurrency contribution,” the bill reads. Instead of money, the bill seeks to consider them “in-kind” contributions.The bill seeks clarity with regards to contributions, valuations, and expenditures, making the recipients liable to ensure the legality of the donation.
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