Cryptocurrencies might be a boon for The US politics which is otherwise not acumen to black currency furthering democratization of bribery.
There are states on two sides of fence deciding whether to approve the cryptocurrency campaign donations or not. Some of the states which are accepting the cryptocurrency are Colorado, Oregon, Montano and Tennessee whereas the states that are prohibiting the cryptocurrency donations are South Carolina, North Carolina, Kansas and California.
The voting wasn’t unanimous and there were numerous discussions regarding this donations. The main point against the donations is that these cryptocurrencies enable anonymous donations considering how current politics is loaded with such donations. Because of these cryptocurrency donations, it will become more easy to donate the black money without even letting the name out.
Yes or No
The California Fair Political Practices Commission (CFPPC) commissioner Frank Cardenas has stated that it is impossible to trace the identities of senders in cryptocurrency. But yes this statement can be considered as a blank one because it is much better than a suitcase full of cash.
Voter’s belief in these elections and politics has been reducing with each day passing by and prohibiting the cryptocurrency donations might restore the trust a bit, noted by Cardenas. The same has been alluded by commissioner Brian Hatch.
Hatch also asked that if the cryptocurrency is a system which hides the source of money then what is the reason to involve it in the elections. Several other participants in the meeting have also spouted some of the interchangeable statements regarding this cryptocurrency.
Allison Hayward was in the support of cryptocurrency donations and he has stated that he supports the cryptocurrency as it is similar to cash donations but there is extra protection with the cryptocurrency. This statement of his was nullified stating that there would be no record of the transactions on the centralized platform in cryptocurrencies.
The attorneys have stated that the cryptocurrency transactions are good as evidence but they cannot be tracked and this may cause a hassle at the time of elections.
The fact here is that it is too early to use cryptocurrency right now in the elections. The CFPPC is already handful with some billions of black money and cryptocurrency will be an additional problem. It also did some good things by uncovering the donors so that the illegal campaigning can be eradicated to some extent.
Political and Legal director of Common Cause has stated that it is not good to use the cryptocurrency in the politics before studying and understanding them clearly. These cryptocurrencies might hamper the ability of the commission to track down the donors.
Blockchain Advocacy voiced in support of the cryptocurrency campaigning. Ally Medina, group executive director has stated that the transactions of cryptocurrencies are unchangeable and this sort of creates transparency among the people.
Anyone who sends or receives the donations in the form of cryptocurrency cannot be tracked and those people won’t be even reporting it, this is the worst thing about this decision.
The Canadian government is already working on the traceable cryptocurrency donations and this project is yielding great benefits. The taxpayers are able to understand where their money is going.