Crypto donations to be accepted in the US Federal elections
Crowdpac is the first major federal election donation platform to accept payments in crypto
By Shashank Bhardwaj
Crowdpac, a for-profit website that assists unknown Democratic political outsiders raise money and run for office, announced on Thursday, May 5, that candidates and campaigns using its streamlined political platform can now accept cryptocurrency donations.
Crowdpac is the first major federal election donation platform to accept cryptocurrency donations. The company stated that it would streamline the donation process and ensure that campaigns that use its services adhere to Federal Election Commission guidelines.
"Donors on Crowdpac understand the power of tech and want it to be used to support the politicians and issues they care about," said Crowdpac's Christopher Tavlarides. "By accepting crypto, Crowdpac is helping its members innovate and break free from big partisan processors that favor the entrenched status quo and do not accept these innovative payment methods."
When a contributor uses crypto to donate, Crowdpac obtains all the information a federal or state campaign requires for reporting purposes. The donations are then liquidated, and money will be sent to the campaign by direct transfer or cheque, ensuring that the donation is received and used quickly.
"We are making it simple for grassroots candidates traditionally left out of the political process to compete and win," Tavlarides said. "More Americans than ever—at least one in five—are now using cryptocurrency. We want them to know that they can and should put crypto to work to amplify their voices.”
Launched in 2014, Crowdpac has more than four million users with about 360,000 active donors; moreover, 65% of the candidates using Crowdpac are minorities and women. To date, Crowdpac has raised over $32 million in pledges and contributions. The move marks a major stride for crypto adoption in the United States.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash