logo

Kansas clamps down on crypto donations to political campaigns with new amendments

Kansas clamps down on crypto donations to political campaigns with new amendments

TL;DR Breakdown

  • Kansas is proposing new rules mandating that campaign contributions be made strictly through domestic entities, with all donor names and addresses collected in full.
  • The Kansas state legislature is seeking to limit individual crypto donations to political campaigns at $100.

The Kansas state legislature is seeking to limit individual crypto donations to political campaigns at $100 with a revision of its campaign finance law. If passed, the amendments would also necessitate recipients of cryptocurrency contributions to obtain the donor’s full name and physical address and an affirmation that they are not a foreign national.

According to the proposed rules, cryptocurrency contributions can only be accepted if they are made and received through a US-based payment processor that can verify the donor’s identity.

In 2017, the U.S. state requested campaigns to refrain from taking crypto donations until the Kansas Governmental Ethics Commission studied its implications further. Consequently, amendments were made to the Kansas campaign finance act on Jan 25, and a hearing was arranged for Tuesday concerning this bill.

Kansas issued a clear warning that no individual will be allowed to donate or accept more than $100 worth of cryptocurrency for any given election from anyone. Despite this, some U.S. politicians have received crypto contributions; however, donations from those associated with the crypto industry remain under strict surveillance following the collapse of the FTX exchange, and Sam Bankman-Fried’s generous contributions to several prominent American politicians.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Damilola Lawrence

Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

Related News

Hot Stories

TUSD trading volume surges with Binance's zero-fee discount on Bitcoin
Polkadot price analysis: DOT encounters opposition at $6.36; how far will the price fall?
Washington Nationals' partnership with Terra LUNA raises eyebrows among Baseball fans
Chainlink price analysis: Bulls continue to lead as LINK recovers to $7.56
Dogecoin price analysis: In spectacular manner, bullish momentum surpasses $0.0760

Follow Us

Industry News

TUSD trading volume surges with Binance's zero-fee discount on Bitcoin
Washington Nationals' partnership with Terra LUNA raises eyebrows among Baseball fans
The Block controversy over loans from Alameda Research
US government to liquidate over 41k BTC connected to Silk Road
Australia's top bank ANZ shocks customers with withdrawal freeze

Add Your Heading Text Here