California Commission Election Disclosure Requires Crypto Donations to Be Subject to Applicable Limits

08/11 09:11

the California Fair Political Practices Commission has updated its campaign disclosure manual, which includes detailed rules for reporting cryptocurrency donations. These updates include campaign donation limits, limited liability company (LLC) disclosure requirements, delegated payment reporting, cryptocurrency donations, excessive donations, advertising disclosure requirements, and other non-substantive technical changes. According to the guidelines, political committees may solicit cryptocurrency as non-monetary donations, but they must meet specific requirements. Cryptocurrency donations must comply with applicable limits and may not accept donations from foreign principals, lobbyists, or anonymous sources. The committee is also prohibited from directly receiving cryptocurrency donations in peer-to-peer transactions. Cryptocurrency donations can be received through payment processors, which are selected as vendors representing the committee.

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