The California Fair Political Practices Commission (FPPC) has made significant updates to its campaign disclosure manuals, including the introduction of detailed rules for cryptocurrency contributions. These new guidelines were revealed in the FPPC’s August 2023 agenda.
Under the new rules, cryptocurrency contributions are subject to applicable limits and must adhere to specific requirements. Contributions in cryptocurrencies may not be accepted from foreign principals, lobbyists, or anonymous sources. They must be received through U.S.-based payment processors registered with the U.S. Department of Treasury and the Financial Crimes Enforcement Network.
Payment processors are required to convert cryptocurrency contributions to U.S. dollars at current exchange rates and deposit the funds into the committee’s campaign bank account within two business days. Cryptocurrency contributions are labeled as non-monetary contributions, and…
