Could Colorado be ready to accept bitcoin as a way of making donations to candidates?
Secretary of State Wayne Williams is proposing rules that could start that process. But the better question, according to one lawmaker, is whether candidates should accept bitcoin, or other forms of cryptocurrency, as campaign contributions.
Williams’ proposed rules, issued this week, would allow a campaign committee to accept contributions in cryptocurrency up to the acceptable limit for a cash or coin campaign contribution. For legislative candidates, that’s $400 per individual or business per election cycle; for statewide offices, such as governor, secretary of state, attorney general and treasurer, that’s $1,150.
The draft rule also says the amount of the contribution is the value of the cryptocurrency at the time of the contribution. That’s an important distinction, says Democratic state Rep. Jovan Melton of Aurora, who was one of several lawmakers who tried during the recently concluded session to start Colorado down the regulatory process for dealing with cryptocurrency.