Californians will soon be able to donate to political campaigns using digital money, after a July 21 vote by the state’s Fair Political Practices Commission.
Citing concerns about traceability, the state banned cryptocurrency donations four years ago. When presenting the proposal to repeal the ban to the commission, General Counsel David Bainbridge said new safeguards will prevent money laundering.
“We had to address the inherent concern with cryptocurrency and the opportunity it presents for illegal contributions because it is inherently and intentionally in some circumstances anonymous. In many circumstances, it’s untraceable. In drafting this regulation, we were cognizant of these very legitimate concerns,” Bainbridge told commissioners….