Republican Senate Candidate Received Bitcoin Donation

Missouri Republican candidate, Austin Petersen received Bitcoin donation valued at $4,500 in his campaign for Senate
09 February 2018   208

According to the Federal Election Commission, this donation is officially the largest single Bitcoin donation ever accepted by a US politician. Austin Petersen received a donation worth 0.284 of a Bitcoin – which at the time of exchange was valued at $4,500 in US dollars. However, this Bitcoin donation represented less than 3 percent of Austin Petersen’s overall campaign donation total. The dollar, therefore, still reigns supreme in the context of party political contributions.

This case is very important and opens the debate about cryptocurrencies and political donations.

Austin Petersen’ representative stated that there will be more campaign contributions and financing of this type. Austin Petersen is a big fan of competition in the marketplace, even when it comes to US dollar. That is why it was an easy decision to use that cryptocurrency.

This case made Bitcoin a new means of increasing campaign contributions through alternative digital currency donations. However, this huge Bitcoin donation wasn’t the first campaign contribution. For example, Rand Paul, during his 2016 Presidential Campaign, accepted Bitcoin. Other congressional and Senate campaigns have also accepted Bitcoin. Jared Polis in 2014 was the first congressional campaign to accept Bitcoin.

It seems that lawmakers now are happy to accept non-government backed cryptocurrencies to help improve campaign contribution. Due to the fact that more people become crypto wealthy, this new cluster of wealth could become a well of possible future political donations for all political parties.

Bank of America: Cryptocurrencies Are a Threat

Bank of America (BoA) has admitted to US regulators it can not pretend any longer that cryptocurrencies are not a threat
23 February 2018   74

On February 22, the report was filed with the US Securities and Exchange Commission (SEC). It listed a range of economic, geopolitical, and operational risks that the Charlotte, NC-based bank faces as it heads into the new fiscal year. Crypto adoption was on the list for the first time.

Bank of America (BoA), which recently banned purchasing of crypto with credit cards, stated that this and other similar policies could cost the bank clients.

Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies.

The second largest bank in the U.S. said that adoption of cryptocurrencies could require the bank to make “substantial expenditures” to update its existing services and remain competitive with upstart firms.

The widespread adoption of new technologies, including internet services, cryptocurrencies, and payment systems, could require substantial expenditures to modify or adapt our existing products and services.

According to the Bank of America, cryptocurrencies could limit the institution’s ability to comply with anti-money laundering regulations.

Eventually, this is one of the first public admissions that financial institutions are beginning to worry that mass cryptocurrency adoption could one day become a reality.