The campaign arm of the Republican House will start accepting contributions in cryptocurrency, reported Axios.
Such a move will make the National Republican Congressional Committee the first national party committee to accept crypto donations.
For crypto donation, NRCC will be using the cryptocurrency payment processor BitPay which will immediately convert crypto donations into dollars before sending them to NRCC’s account.
As such, the committee won’t be holding any crypto. This will allow them to accept individual donations of up to $10,000 per year, rather than the $100 maximum value for transfers of crypto like Bitcoin. Rep. Tom Emmer (R-Minn.), the NRCC chairman, said in a statement,
“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.”
A member of the House Financial Services Committee, Emmer is a co-chair of the Congressional Blockchain Caucus. Recently Emmer and a bipartisan group from the House Blockchain Caucus asked the IRS to ease regulations on charitable crypto donations.
Given that the Federal Election Commission has expressed concerns about anonymity provided by cryptos, the NRCC says it will diligently gather identifying information from all individuals who use crypto assets to donate.