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Bitcoin Accepted for Political Contributions

Dave Emory’s entire life­time of work is avail­able on a flash dri­ve that can be obtained here. [1] (The flash dri­ve includes the anti-fas­cist books avail­able on this site.)

[2]COMMENT: If you thought that cam­paign finance had become a sticky wick­et in the wake of the Supreme Court’s Cit­i­zens Unit­ed and McCutcheon deci­sions, you might be bit­ter­ly amused by the lat­est devel­op­ment in the lubri­ca­tion of the wheels of democ­ra­cy.

The Fed­er­al Elec­tion Com­mis­sion has giv­en the nod to accept­ing Bit­coins as cam­paign con­tri­bu­tions.

(We have done four pro­grams to date on Bit­coin: FTR #‘s 760 [3], 764 [4], 770 [5], 785 [6].)

The avail­able evi­dence sug­gests that Bit­coin is prob­a­bly an Under­ground Reich “op” [3] with roots in the cyber-fascis­tic lib­er­tar­i­an milieu.

Fans of Cit­i­zens Unit­ed and McCutcheon will be thrilled to know [6] that the top tenth of one per­cent of Bit­coin own­ers con­trol 50% [7] of the total of the cur­ren­cy in exis­tence.

Long live the Repub­lic!

“Pol­i­tics Jumps on Bit­coin Wag­on” by Fre­dreka Schouten; USA Today; 5/9–11/2014. [8]

EXCERPT: The Fed­er­al Elec­tion Com­mis­sion (FEC) unan­i­mous­ly approved its use as a polit­i­cal dona­tion Thurs­day. Com­mis­sion­ers imposed sev­er­al con­di­tions. Among them: No anony­mous bit­coin con­tri­bu­tions will be allowed, and cam­paign trea­sur­ers must scru­ti­nize the dona­tions for “evi­dence of ille­gal­i­ty.”

Jim Harp­er of the industry’s Bit­coin Foun­da­tion, said the FEC’s move lends fur­ther legit­i­ma­cy to the­cur­ren­cy. “It’s anoth­er part of the grow­ing body of reg­u­la­tion that estab­lish­es bit­coin as a co-equal part of the finan­cial ser­vices sys­tem,” he said.

Rep. Jared Polis, a lib­er­al Demo­c­rat from Col­orado, imme­di­ate­ly announced his cam­paign would begin accept­ing the dig­i­tal mon­ey. He praised the FEC for its “for­ward-look­ing stance” to rec­og­nize “the rights of indi­vid­u­als seek­ing alter­na­tives to gov­ern­ment-backed cur­ren­cies to par­tic­i­pate in our demo­c­ra­t­ic polit­i­cal process.”

It’s not clear how quick­ly the cur­ren­cy will spread through the elec­tion land­scape. Offi­cials with the com­mit­tee work­ing to elect House Democ­rats said they had no imme­di­ate plans to accept bit­coins.

Even with­out the for­mal approval of reg­u­la­tors, the Lib­er­tar­i­an Par­ty began accept­ing Bit­coin about a year ago and has col­lect­ed the equiv­a­lent of about $10,000, Exec­u­tive Direc­tor Wes Bene­dict said.