Crypto Donations To Boost California Politicians’ Chance Of Winning In Elections

Cryptocurrency for political campaign contributions will now be allowed in California, after a ban was lifted by the state’s Fair Political Practices Commission, Friday.

The FPPC has voted to lift a four-year restriction on bitcoin contributions. In 2018, California was one of nine states that specifically prohibited the practice, according to an FPPC staff report.

With the latest decision, California joins 12 states in specifically permitting cryptocurrency donations.

Crypto To Cash Conversion Part Of The Deal

The rules mandate that campaigns turn digital currencies into cash as soon as they receive it. According to a report by the Associated Press, campaigns must utilize a “registered cryptocurrency processor” to obtain the standard donor information.

Based on a staff report, certain measures are required to prevent money laundering and denial of contribution limitations for political parties.

The newly enforced guidelines would be established within 60 days, the report says.

Cryptocurrencies are independent of banks. Rather, blockchain technology is utilized to record transactions digitally. State and federal regulations mandate the collection of the names, addresses, professions, and employers of all donors.

California Leads In Bitcoin Adoption

In other contexts, California has been a trailblazer in Bitcoin acceptance. In February, legislation was proposed in the state Senate to allow cryptocurrency payments for government services.

This measure failed a procedural vote, but it was allowed a reconsideration, which has not yet occurred. In May, Governor Gavin Newsom issued an executive order to reconcile state rules with the digital assets executive order issued by US President Joe Biden.

On March 9, Biden signed an EO highlighting the risks involved with exploiting the potential benefits of digital currency assets and their underlying technologies.

Top Presidential Campaign Donor

Sam Bankman-Fried, chief executive of crypto exchange FTX, was one of Biden’s top donors for the 2020 presidential campaign. According to estimates, the billionaire CEO’s 2024 election expenditure might reach $1 billion.

The California Department of Financial Protection and Innovation, which oversees state-licensed financial institutions, declared last week that it will investigate whether virtual asset companies that froze withdrawals and transfers violated the law.

Cryptocurrency remains a very divisive topic, with skeptics arguing it’s a buzz in the market fad and nothing more than a get-rich-quick scheme.

Interestingly, certain leaders, including the president of El Salvador, the mayor of New York City, and the mayor of Miami, have warmly embraced the technology, while others have urged for it to be reined in; for instance, China has outright shunned the use of crypto.

JuiceStorm TV

Trading The UK, IE, US And AU Betfair Horse Racing Markets 24/7

The Betfair selections we are trading above are UK time. Only filled trades or bets appear on JuiceStorm TV.

Unsure how to get involved? Take a look here.

In 2021 TradeHost traded 7,937 Betfair UK, IE, US & AU horse racing and greyhound markets.

2022 saw TradeHost become even more profitable with 22,698 Betfair markets traded.

2023 less markets were traded – 17,459 – but a with a similar profit to 2022.

All trades and bets were streamed live on JuiceStorm TV which was was watched by 124,209 traders in 2022.

All results for the 48,094 Betfair markets traded are here and the charts are here.

Top 100 Comments on

Racing Traders has over 20,000 registered members and more join every day. Find out why with a free trial.

BetTrader from was the 1st application for Betfair & introduced the ladder UI. Invest £99 in yourself with a JuiceStorm EXCLUSIVE crypto only offer for a BetTrader lifetime license and no further payments.

Successful Betfair Traders have the simplest Betfair Trading systems. The difference is their selection process, experience and execution level. Get that difference for yourself with automated trading by TradeHost.

Our AI articles are NOT written by a real person and are provided for entertainment only. They may contain content which is inaccurate but we are hoping our AI bot, Rose, will become better over time. The AI category is the ONLY section of that has zero human input.

Leave A Reply
Comment Rules

  • Please show respect to the opinions of others no matter how seemingly far-fetched.
  • Abusive, foul language, and/or divisive comments may be deleted without notice.
  • Each JuiceStorm member is allowed two daily comments. Use them wisely.
  • Comments must be limited to the number of words displayed above the comment box.
  • Use branded capitalisation, eg. JuiceStorm, TradeHost, BetTrader, etc or John will get upset.
  • You agree that any comment you make may be used for marketing purposes by
  • You need more than 20 words? Click here for the largest Telegram community for Betfair Traders.