May 20, 2019 •
Minnesota Bill Addresses Digital Political Contributions
Minnesota House Chamber - Chris Gaukel [CC BY-SA 2.0 (https://creativecommons.org/licenses/by-sa/2.0)]
On May 14, a bill was introduced in the Minnesota House of Representatives to prohibit political candidates from accepting certain digital currency like bitcoin unless backed by an official legal currency. House File 2884 would prohibit an individual, political committee, […]
On May 14, a bill was introduced in the Minnesota House of Representatives to prohibit political candidates from accepting certain digital currency like bitcoin unless backed by an official legal currency.
House File 2884 would prohibit an individual, political committee, political fund, principal campaign committee, or party unit from soliciting or accepting a contribution or donation of any digital unit of exchange.
This includes but is not limited to bitcoin, that is not backed by a government-issued legal tender.
Under the bill, a person knowingly accepting any prohibited digital unit of exchange would be guilty of a felony.
The legislation also imposes a civil penalty of up to $3,000 for any individual, political committee, political fund, principal campaign committee, or party unit knowingly soliciting or accepting any digital unit of exchange.
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