US Presidential Candidate accepting donations in Bitcoin (BTC) and Ethereum (ETH)
US presidential hopeful Andrew Yang has announced that he his campaign will now accept Bitcoin, Ethereum and “anything on the ERC20 standard.”
HUGE news – my campaign can now accept Bitcoin, Ethereum and other cryptocurrencies! https://t.co/GScyqfZXLY Let’s build the future together. @Steven_McKie @JulianSarokin @yidagao @AdamDraper @mashadrokova @albertwenger @novogratz @ericbahn @RamanFrey @richardtitus
— Andrew Yang (@AndrewYangVFA) 24 July 2018
Mr. Yang is hoping to be chosen as the Democratic party’s choice for the presidential election in 2020. Although few expect him to be successful, his campaign could prove a useful test case for other candidates.
Campaign finance regulations make it difficult for anyone running for office to accept payments in cryptocurrency. The chief problem is that donations cannot be made anonymously.
Yang’s campaign has created a list of instructions for potential donors. First, donors must provide personal details. Once verified they will receive the relevant wallet address by email. The campaign requests that donors do not share this address as that could open the door to “untraceable donations to our campaign.”
It seems unlikely that this solution will be adopted by other campaigns. As one Twitter user asked, “So, who is going to leak the address?” adding that there only needed to be “one anonymous donation” for the funding method to become “a matter of national security.”
So, who is going to leak the address? We are one anonymous donation away from making this a matter of national security.
— Aleksey (@thisisaleksey) 25 July 2018
Contributions are open to citizens and permanent residents of the United States who are aged over 18 and are not federal contractors. The maximum donation per individual is capped at $2,500.
Though the donations would have to be checked by federal authorities, without a public address it is currently impossible to see if anyone has taken Yang up on his new funding method.
Yang is an entrepreneur and author of The War on Normal People, a call for a universal basic income to combat the job-destroying effects of automation and artificial intelligence. His tilt at the presidency is built around these ideas, promising $1,000 to each American, each month, as the only way to secure prosperity in the face of permanent changes in the employment market.
Yang’s chances of successfully making it to the White House are listed by oddschecker at 151-1, the same odds given for rapper Kanye West and podcaster Joe Rogan, neither of whom are expected to run.
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