House Republicans will accept cryptocurrency as political donations.
The National Republican Congressional Committee (NRCC) announced on Thursday plans to process crypto donations through BitPay.
“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,” NRCC Chairman and Representative Tom Emmer told Axios in a statement.
Although the FEC put a hard cap of $100 on political donations via cryptocurrency in a 2014 ruling, using a third party vendor like BitPay allows the NRCC to accept amounts of up to $10,000—the total value the cryptocurrency is worth will be cashed out into fiat before hitting the organization’s bank account.
Emmer is also a member of the House Financial Services Committee and co-chairs the Congressional Blockchain Caucus. The congressman recently pressed the IRS with other members of the Blockchain Caucus to ease regulations on cryptocurrency donations.
The NRCC, which works to elect Republicans to the House, is the first national party committee to solicit donations in cryptocurrency like Bitcoin and Ethereum. The NRCC is not the first to use BitPay to process political donations: Democrat Patrick Nelson used the blockchain service during his unsuccessful bid for a New York congressional seat.
Kentucky Senator Rand Paul was the first presidential candidate to accept Bitcoin donations during his 2020 run.