After purchases of goods and services or crowdfunding campaigns, cryptocurrencies could play a major role in elections. Member of the Congressional Blockchain Caucus (CBC), Darren Soto, has indeed decided to receive donations in Bitcoin and other cryptocurrencies from supporters wishing to finance his re-election campaign. Over the course of his term, the man has made a name for himself for his strong advocacy of blockchain and cryptocurrency adoption in the country. This decision therefore aims to set an example and encourage colleagues to do the same. More details below.
Bitcoin and 7 cryptocurrencies accepted as donations in the campaign
In the midst of the re-election campaign, Darren soto recently participated in a debate on the impact of blockchain in the USA in 2020. The session, which was held with the participation of the Digital Chamber of Commerce (PAC) has helped address the future of blockchain in the world’s largest economy. The Democratic representative, who is also co-chairman of the CBC, took the opportunity to present the advantages of an electoral campaign financed by donations in cryptocurrency. To show all his faith in this possibility, he also declared that he was ready to accept to finance the campaign of his re-election by this method.
Eight cryptocurrencies will be accepted in this context by the representative and his campaign team. We thus find there bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH), Paxos Standard (PAX), Binance USD (BUSD), Circle’s stablecoin, USDC and the Gemini dollar (GUSD) backed by Twins Winklevoss. All donations transmitted in this way will be processed by BitPay, a United States-based crypto payments processor. Another congressman and bitcoin advocate in the person of Tom Emmer recently used this service to fund his campaign.. Cryptocurrency donations accepted in this context included BTC, BCH, GUSD and XRP.
Advocate of the early hours of crypto and blockchain use
The cryptosphere can count on Darren soto for defend their interests in high spheres and in particular in the House of Representatives. He is notably one of the few members who urged the US government to accept the use of cryptocurrency and blockchains in its operations. He was also among the signatories of a letter to the president Trump for demand the integration of blockchain into the economy as a whole. The aim was to provide relief to businesses that have been seriously affected by the effects of COVID-19.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
More than a way to raise funds more quickly from various voters, the process is mainly intended to educate politicians about the importance that cryptocurrencies can have. The figures from this particular method are also expected in order to convince other contenders to also adopt this type of donation to finance their campaign.