US Senate To Look At Crypto’s Effect On Elections

US Senate

The US Senate announced a plan to hold a hearing to assess the impact cryptocurrencies have on elections in the country.

The US Senate’s Subcommittee on Crime and Terrorism announced a hearing titled “Protecting Our Elections: Examining Shell Companies and Virtual Currencies as Avenues for Foreign Interference” scheduled for June 26, according to a posted schedule on the U.S. Senate Committee on the Judiciary’s website.

Senator Lindsey Graham (SC-Rep) will oversee the hearing. The Senate is yet to reveal other details of the hearing, including a list of witnesses.

The US Federal Election Commission (FEC) made a ruling in 2014 allowing political campaigns and political action committees to accept bitcoin as donations under existing federal laws. The FEC treats donations of cryptocurrency as “in-kind donations” like stocks, bonds, and other assets and sets strict limits on the amount of cryptocurrencies that a donor can donate

The hearing may see debates about donor contributions of cryptocurrencies to campaigns in the country. Brian Forde, a former White House advisor during the Obama administration raised approximately $200,000 with more than $5,000 from his own wallet during his campaign for a seat in US Congress.

The most high-profile example of crypto donations came during the 2016 presidential elections when US Senator and then-candidate Rand Paul began accepting donations of bitcoin during his campaign.

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