We reported earlier this month that the Federal Election Commission (FEC) announced that political candidates were permitted to accept a maximum of $100 worth of campaign contributions in bitcoin. Prior to the decision, it was still unknown what the federal regulations were in relation to bitcoins and campaign fundraising, which led to some waiting on the sidelines.
California Lieutenant Governor Gavin Newsom announced Wednesday that his election campaign would begin to accept campaign donations in bitcoins, despite his staff warning him to disassociate himself from the peer-to-peer decentralized digital currency.
Newsom has been quite vocal on Twitter about his latest move:
“Hey @jaredpolis, thanks for leading the way. My mission? To raise more #bitcoin than you. Game on?,” Newsom wrote soon after.
“Thinking about how to make #bitcoin donations a regular thing in politics. Thoughts, @jonmatonis and @gavinandresen?” Newsom later added.
The former San Francisco Mayor told the San Francisco Gate that he was confused and cynical about bitcoin and when individuals would talk to him about it he would start “yawning.” Now he finds it fascinating after he was informed about it by top Silicon Valley executives, such as Marc Andreessen, a bitcoin advocate and investor.
“I should promote the technology ever so subtly by saying I’ll accept bitcoin in the campaign – until they tell me it’s a terrible idea. And if they say stop it, we’ll stop it,” said Newsom. “My chin is right out there, for people to say, ‘This guy is a nut. What’s he doing?’ It’s been there before. I’m ready for it.”
Newsom joins a growing list of politicos incorporating virtual currency into their campaign fundraising arsenal. Democratic Congressman Jared Polis, Texas Republican Congressman Steve Stockman, Oakland mayoral candidate Bryan Parker and Texas Attorney General Greg Abbott became one of the first widely known political candidates to add bitcoin to their campaign initiatives.