The Federal election commission (FEC) has tentatively approved an ERC-20 token issued by Omar Pablo Neruda to use in an incentives program for his legislature campaign. The FEC reviewed the coin project in a very draft advisory opinion on July 5.
According to the draft letter, the FEC believes reyes is within his rights to issue his Ethereum-based “Omar2020Token” (OMR) as a part of his campaign to join the U.S. House of Representatives from the 22nd congressional district of Florida.
The FEC argues that as a result of the tokens are primarily souvenirs, with no cost, Reyes’ committee is liberal to issue them as volunteer incentives:
“The Commission concludes that the Committee might distribute OMR Tokens to volunteers and supporters as an incentive to interact in volunteer activities as delineated within the request as a result of OMR Tokens don't represent compensation; rather, OMR Tokens are materially indistinguishable from ancient sorts of campaign souvenirs and nothing within the Act or Commission rules prohibits a campaign committee from distributing free campaign souvenirs to volunteers or supporters.”
As noted within the draft, these Ethereumblockchain-based tokens are supposed to be used as campaign incentives solely. The Omar2020 campaign can reportedly conclude with prizes awarded to the highest 3 OMR holders, however, can delete its Ethereum contract and lose remaining tokens upon the campaign’s conclusion.
The FEC antecedently wrote an advisory opinion in 2014 on funding campaigns with the quantity one cryptocurrency, Bitcoin (BTC). The FEC then stated that campaigns might receive BTC as donations, however only as in-kind donations, i.e. as a donation of products and services and not as cash. This implies that the BTC cannot be employed in transactions directly, however, can be born-again to fiat money and deposited.
As antecedently reportable by Top Market Group, Democratic presidential campaigners Eric Swalwell and Andrew yang have each offered to just accept cryptocurrency donations for his or her campaigns.
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