US Senate Candidate Forced To Hand Back 20 BTC Donation By Cryptovest


US Senate Candidate Forced To Hand Back 20 BTC Donation

Under the Federal Election Campaign Act, the FEC’s restricted contribution limits meant that Petersenwas only able to bank a maximum of $5,400 from a single patron.

“During the current, two-year election cycle, the limit for contributions by individuals to federal candidates for the United States Senate and the U.S. House of Representatives remains $2,700 per election”

This is not the first time the self-proclaimed ‘ Candidate’ has had to refuse generous donations, having already turned down 2 similar donations before worth over $250,000 in BTC. He is also not the first federal election candidate to accept Bitcoin for political campaign donations, with reports of Rand Paul accepting BTC during his 2016 Presidential candidacy and before him, Jared Polis back in 2014 during the Congressional campaign.

“Cryptocurrency represents the future of American creativity and American liberty, and I’m delighted to accept campaign donations in this form.” – Petersen.

Adding to his personal forte of crypto-achievements, Petersen also holds the record for receiving the largest single cryptocurrency donation in US history, where one contributor offered the Republican 0.284BTC which equated to $4,500 at the time of transaction. Fortunately this was within the requisite contribution limits and was not required to be given back.

In order to bypass the FEC’s strict contribution limitations, Petersen has urged his donor in the twitter post above to create a Political Action Committee (PAC). PACs are committees set up to raise funding to aid political campaigns, usually by pooling donations from members. They are gifted with a higher contribution limit and in some cases, can fund national party and local party campaigners without restriction.

This article appeared first on Cryptovest

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Related Posts

Add Comment