• Wed. Jun 22nd, 2022

Louisiana Passes Bill Studying Issues With Digital Currency Campaign Donations

ByHazel R. Lang

Jun 1, 2022

The Louisiana State House of Representatives has passed a resolution to study issues surrounding the acceptance of campaign contributions in digital currency. The bill, titled House Resolution 180 (HR 180), requires the Campaign Financial Disclosure Oversight Committee to undertake the study.

According to the bill proposed by State Rep. Mark Wright (R-Covington), the committee must begin the study and make its recommendations to the House Committee on House and Government Affairs at least 60 days before the beginning of the regular session of 2023.

“To urge and direct the Campaign Finance Disclosure Oversight Committee to study the issues surrounding the acceptance of campaign contributions in the form of cryptocurrency and report its findings, including any recommended legislation , to the House Committee on House and Governmental Affairs at the latest. more than sixty days before the regular session of 2023,” the bill states.

Wright noted several rationales for conducting the study, including the 2014 Federal Election Commission (FEC) advisory that states that digital currencies can be accepted as campaign donations.

For digital currency donations, the FEC only requires that they be reported as an in-kind contribution. The contribution should also be assessed based on the market price of Bitcoin at the time it was made.

Additionally, Wright pointed out that more than 17 states across the country have passed resolutions to study and regulate the use of digital currencies. And that there has been increased interest in donating digital currencies across the state.

Louisiana to roll out digital currencies beyond campaign donations

The resolution passed isn’t the only digital currency bill the state is considering. Another bill proposed by Wright, House Concurrent Resolution 103, will also see the House set up a committee to study the prospect of accepting digital currencies for payments.

The Cash Management Review Board must set up the review committee. It will also study the prospects for the use of blockchain technology in the state according to a report by the Daily Advertiser, a local media.

Legislation passed in the state in 2020 already allowed the state’s Office of Financial Institutions (OFI) to issue licenses to digital asset companies.

Meanwhile, the state’s interest in digital currency campaign donations comes at a time when the industry has stepped up its lobbying efforts. CNBC reports that the industry has invested more than $30 million in campaigns since the start of the 2020 election cycle.

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