Crypto contributions and Tomorrow Midterms Elections

05 Nov, 2018
by Manon Bridou-Koenig
News
Crypto contributions and Tomorrow Midterms Elections

Tomorrow, all eyes will be on the American Midterms election, with fear of what can come and what could change in Congress. 

Brian Forde, who recently ran for US Congress in California’s 45th district, he was the founding director of the Digital Currency Initiative at MIT and Obama's Senior Tech Advisor, recently wrote an article for CoinDesk, called "No, Bitcoin Isn't Secretly Messing with the Mid-Term Elections", regarding campaign contributors being made with cryptocurrency and how many of these published news stories have been wrong.

From his very recent experience running for Congress, Forde said that around $300,000 of his campaign contributors were donated in digital currency.

Forde is stating that it is essential to understand the scope of campaign contributors made with cryptocurrencies, saying:

“U.S. Congressional candidates have raised $550,000 in cryptocurrencies since 2014. To put that figure in perspective, the amount is equal to 0.032 percent of the more than $1.7 billion that’s been raised by candidates since the 2014 election cycle. While the amount donated in cryptocurrency is a fraction of one-tenth of a percent of total contributions, the author claims that the scope and threat are large because virtual currencies are used by more than 3 billion people.”

Forde is also saying that critics are known for claiming digital currencies can’t be inspected easier by the public and that we should publish the wallet addresses of the contributions:

“Contributions made with cryptocurrencies require the same reporting requirements as contributions made with cash, checks and credits cards — publishing the donor’s full name and address. It’s important to note that cash is the most anonymous form of payment in the world — yet it is accepted by every campaign. The majority of campaign contributions are made with credit cards. The easiest way for a foreign actor to illegally contribute to a campaign is with a prepaid debit card bought with cash at a convenience store — not cryptocurrencies.”

Forde is calling the crypto technology: "powering" and can "make midterms more representative", on help overseas US citizens to vote. "Crypto will also ensure that 19,000 servicemen and women votes are counted this midterm election"

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