The Federal Election Commission has released a draft of what could best be described as the ability to collect Bitcoin donations to political campaigns. The caveat? Campaigns would be require to convert the Bitcoin to fiat in order to spend it.
This means campaigns will need to bring their Bitcoin donations to an exchange and convert to the U.S. Dollar, and would be required to count any fee charged by the exchange as part of the initial donation.
“Bitcoin contributions should be valued as in-kind contributions. The amount of 2 an in-kind contribution is the usual and normal value of the contribution on the date received.”
In-kind, in this context, puts bitcoin in the same boat as stock and bond contributions.
The Commission is expected to vote on whether or not they should adopt the acceptance of bitcoins in campaign donations at an upcoming meeting.