Colorado is looking to become the latest state to allow political contributions denominated in bitcoin and other digital currencies.
“The donations – whether in bitcoin or another digital currency – would be subject to the same state limits as a cash donation, and the value would be determined at the time of the donation,” reports The Denver Post.
The Federal Election Commission (FEC) previously approved political contributions in the form of bitcoin.
“Bitcoins may be received into and held in a bitcoin wallet until the committee liquidates them. Holding bitcoins in a bitcoin wallet does not relieve the committee of its obligations to return or refund a bitcoin contribution that is from a prohibited source, exceeds the contributor’s contribution limit, or is otherwise not legal,” according to the FEC. “A political committee that receives a contribution in bitcoins should value that contribution based on the market value of bitcoins at the time the contribution is received.”
Colorado’s move to consider crypto-based political donations comes just ahead of the 2018 mid-term elections. In November, all of Colorado’s statewide executive offices will be contested as well as the states seven seats in the U.S. House of Representatives. The state’s Democratic and Republican primaries will be held on June 26th. There is not a U.S. Senate race in Colorado this year.
In the 2016 presidential election, Hillary Clinton beat Donald Trump in Colorado by 4.9%. New Hampshire was the first state to permit crypto-based political donations, having done so starting in 2014.
A Democratic candidate for governor in Colorado previously accepted a bitcoin donation in 2016 when he was running for a House seat while a Republican senate candidate in Missouri accepted a bitcoin donation in late 2017, valued at $4,500 at the time, according to the Denver Post.
“It is recommended to include a notation or memo text indicating the number of bitcoins that the committee received and that the bitcoins were not liquidated,” according to the FEC.
Colorado has a comment period running through May 23rd regarding the bitcoin proposal.
$19 million worth of Bitcoin (BTC) seized in dark web drug probe
The U.S. government has seized $19 million worth of BTC from a drug trafficker, who allegedly laundered funds through the cryptocurrency on the original dark web marketplace known as “Silk Road.”
The U.S. Attorney’s Office for the Southern District of New York announced the news on Thursday, saying that the trafficker, Hugh Brian Haney, 60, was arrested near Columbus, Ohio. In 2017 and 2018, Haney allegedly transferred bitcoins representing drug proceeds he had earned through Silk Road to an account held at a company involved in the exchange of bitcoin and other cryptocurrencies. He claimed falsely that the source of these bitcoins was from mining.
Haney is charged with one count of concealment money laundering and one count of engaging in a financial transaction in a criminally derived property. The former count carries a maximum jail term of 20 years, while the latter a maximum term of 10 years.
Homeland Security Investigations (HSI) special agent-in-charge Angel M. Melendez said:
“HSI special agents employed blockchain analytics to uncover and seize bitcoins valued at $19 million and usher Haney out of the dark web shadows to face justice in the Southern District of New York.”
“Cryptocurrency is a great idea” – Ron Paul
During a recent “Squawk Alley” interview, Former Republican congressman and presidential candidate, Ron Paul- discusses how he is in favor of cryptocurrencies as well as block change technology. Apparently, he enjoys competing currencies and believes they are a good idea.
He also believes that the governments only have the right to step in to prevent fraud from taking place. In the interview, Paul states that, “the government has a role. And if somebody has a case that there is fraud, I think it should be investigated.” Paul then goes on to state that what he wants to do “is legalize the freedom of choice, absent blatant fraud.” Agreeably so, this is exactly the type of perspective that the crypto world needs.
Throughout the interview, Paul compares crypto to gold in many ways. He points out how both assets are competing with traditional fiat money. He discusses how our government has never been “very tolerant of competition, and they’re not even tolerant with using the Constitution to compete with the fiat dollar. Because gold and silver, you can’t use it.”
This isn’t the first time that Ron Paul has discussed his views on crypto. Back in 2014, the Former Republican Congressman displayed his concerns about the foundation of crypto and Bitcoin. However, he acquired a bearish pro-crypto outlook on the future of fiat money. Paul believes that the dollar won’t last long as “they all self-destruct.” According to Paul, the only competition for the dollar is the euro and yen- which “isn’t any good.”
33 CryptoCurrencies In 4 Words Or Less
We put together this list to describe the top cryptocurrencies that are worth your time in 2019.
Each gets four words. There are many!
Hopefully this provides orientation.
Scroll Down To View An Awesome Infographic from MrBtc.org!
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