A proposed measure in Louisiana’s House of Representatives would make it legal for political campaigns to accept bitcoin donations. The House of Representatives will review the bill, which has been introduced on February 25, during its next regular session.
This bill, sponsored by Illinois Representative Mark Wright, proposes that candidates, elected officials, and political organisations accept bitcoin payments.
Sponsored by Illinois Representative Mark Wright, this bill proposes that candidates, officeholders, and political groups accept bitcoin payments. Candidates must also keep track of and disclose any cryptocurrency donations.
Candidates will only be permitted to transact in crypto after first converting it to fiat, according to the bill. In essence, the law seeks to define cryptocurrency donations as “in-kind” contributions, or contributions given in the form of a good or service rather than cash. At the federal level, cryptocurrency is not recognised as legal cash. The bill also seeks to define cryptocurrencies as virtual currency in Louisiana law.
The legislation, on the other hand, is still in its infancy. When the lower house’s regular session begins on March 14, it will be presented to the lower house. If it receives a majority, it will be sent to the Louisiana Senate, where it will be scrutinised further.
US states adopt crypto
Several governments in the United States have introduced laws regulating cryptocurrency in some manner, intending to profit from the recent market surge. Virginia has passed legislation that allows banks to offer cryptocurrency custody.
Colorado announced last month that bitcoin and other popular altcoins will be accepted as a form of tax payment. Wyoming has approved the establishment of cryptocurrency-focused institutions, and Oklahoma has presented legislation that would allow cryptocurrency to be used to deal across government departments.
According to the National Conference of State Legislatures, crypto-related legislation was introduced in 33 states in 2021.
In 2020, Louisiana approved the Virtual Currency Business Act, making it the second state, after New York, to require crypto companies to be licenced in order to operate in the state.