In an advisory opinion released today, the Federal Election Commission (FEC) acknowledged bitcoins as an acceptable form of political contribution. The FEC determined Make Your Laws PAC, Inc. can accept and purchase bitcoins.

The commission concluded “bitcoins are ‘money or anything of value’ within the meaning of [2 U.S.C. §431(8)(A)(i)].” It also stated bitcoin contributions may be held in a “bitcoin wallet until the committee liquidates them” and the valuation of a bitcoin donation is made “at the time the contribution is received.” However, the commission did not have the requisite four affirmative votes to decide whether bitcoin contributions could be used to acquire goods or services.

According to the Washington Post, FEC Chairman Lee Goodman said, “Just philosophically, I think it’s important for the FEC to embrace technology and innovation, and that’s what we did today.”