Libertarian Party Of Texas And Other Political Organizations Accept Bitcoin Donations

Journalist:
Caleb Chen @bitxbitxbitcoin
April 27, 2014

The Libertarian Party of Texas announced their acceptance of Bitcoin donations recently:

“Accepting Bitcoin offers our members and donors another option when it comes to financial contributions to the Libertarian Party of Texas,” said Patrick Dixon, Chair, Libertarian Party of Texas. “I am very proud that our party is the first in Texas to accept Bitcoin.”

For a full list of Political Organizations that accept Bitcoin donations, check here.

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The Libertarian 2014 State Convention

[dropcap size=small]O[/dropcap]n April 11th through April 13th, the Libertarian 2014 State Convention was held at the Frank W. Mayborn Civic and Convention Center in Temple, TX.  On Sunday, the 13th, there was a panel discussing: “Bitcoin, Banks and Bailouts: How do Bitcoin, the Federal Reserve System, and crony capitalism affect the economy?”  The speakers were Michael Cargill (runs gun store that accepts Bitcoin and houses bi-directional Bitcoin ATM), John Bush, Mick Truitt, Dr. Lucas Rentschler, and Ben Swann.  More than 300 delegates traveled from around Texas to convene in Temple for the 2014 Libertarian Party of Texas Annual Convention.

Texas Is Becoming The Bitcoin State

Earlier in the month, the Texas Department of Banking revealed their guidelines for the regulatory treatment of Virtual Currencies under the existing Texas Money Services Act.  The memorandum was released by the banking Commissioner and does not contain fuzzy language and/or contradictions as found in FinCEN guidelines.  It is now crystal clear, in Texas, which actions constitute money transmission, and therefore require a money transmitter’s license.  Of course, businesses operating in the state will still need to be wary of federal guidelines; however, with increasing de facto state autonomy in certain hot button regulatory topics (ie marijuana, gay marriage), Texas has undoubtedly set a precedent.  What this means is that localbitcoin dealers won’t be harassed by state level authorities for their non-money-transmission activities, as has happened in Florida.

What about the FEC?

…What about the FEC?  Months ago, the FEC reached a tie vote on a draft proposal that would have expressly allow Bitcoin donations to political action committees.  In the original proposal, Bitcoin donations would be treated as in-kind donations.  Many in the press viewed this potential FEC decision as a general guideline for any type of political donation, not just those earmarked for political committees.  More recently, Make Your Laws, a hybrid and Bitcoin-aware Super PAC, led by Sai, prompted the FEC to again scratch their heads about Bitcoin.  The good news is, the FEC is likely to allow $100 donations per contributor per recipient per election with bitcoin as they do with cash; however, they don’t want to opine that Bitcoin is cash…

The official decision from the FEC is expected in the coming weeks; in the meantime, donors can in fact use Bitcoin for contributions.  Many Bitcoiners from across the country have been doing so for years now, in support of various candidates running for various positions that have reached out to the Bitcoin community.  As mentioned before, Make Your Laws has a comprehensive list of American political organizations that accept Bitcoin donations and it is updated constantly.  The Libertarian Party of Texas is the first political party in Texas to announce their express acceptance of Bitcoin donations.  Texan Congressman Stockman, who is planning to introduce a Virtual Currency Tax Reform Act, previously accepted Bitcoin for a Senate campaign.  The Libertarian Party is the 3rd largest and fastest growing party in Texas; unfortunately, the other two seem unlikely to take such a brave stand on Bitcoin any time soon.

image from ktemnews

Last modified (UTC): April 30, 2014 02:23

Caleb Chen @bitxbitxbitcoin

Caleb is a graduate of the University of Virginia where he studied Economics, East Asian Studies, and Mathematics. He is currently pursuing his MSc in Digital Currency at the University of Nicosia.