The National Republican Congressional Committee starts accepting crypto donations as per the reports that we have today in our cryptocurrency news below.
The announcement makes the party the first-ever national party that started accepting crypto donations and contributions. Individual political candiadtes accepted donations in crypto in the past but political parties never did until now. Hoping to retake the House in the upcoming elections next year, the GOP hopes that the technology will help them do so.
The National Republican Congressional Committee is the arm of the GOP that supports the election of Republicans in the House of Representatives and does this via direct financial contributions to candidates as well as other organizations. The campaign arm of the GOP carries out voter registration as well as education and turnout programs. It furthermore provides technical and research assistance for the Republican candidates and Party organizations.
The NRCC announced that it will use BitPay payments processor to process donations which means that the NRCC itself won’t handle any cryptocurrencies. Donations will not go directly to the committee but will first go to BitPay. BitPay will convert the donations to dollars and then send them to the NRCC. The FEC said that crypto contributions to political parties will be capped at $100 per individual and using BitPay will allow the committee to receive up to $10,000 per individual a year. The partnership with BitPay is going to make the donation process much more smooth.
This means that the NRCC doesn’t have to worry about converting the crypto they will receive and they are going to do more than just accept donations. The party is hopeful that they will be able to use this technology and support Republican candidates as Tom Emmer who is the chairman said;
“We are focused on pursuing every avenue possible to further our mission of stopping Nancy Pelosi’s socialist agenda and retaking the House majority, and this innovative technology will help provide Republicans the resources we need to succeed.”
The Federal Electoral Committee expressed concerns over the anonymity associated with crypto and mentioned the tensions between federal transparency and disclosure rules. The committee also said that it will diligently gather all ID information and will make sure that the donations are transparent.