New Super PAC Registers With Bitcoin Receiving Addresses

Posted January 4, 2014 at 4:56pm

A new super PAC has registered at the Federal Election Commission listing Bitcoin receiving addresses as its depositories, something that the FEC has not yet approved for use.

Treasurer Richard Wagner registered Bitcoin Voters Political Action Committee with the FEC on January 2nd. Wagner and the PAC are based in Madison, Wisconsin.

The registration form listed ten receiving addresses associated with a Bitcoin wallet. The filing stated “It is our intent to collect funds denominated in Bitcoin at the ten receiving addresses above.”

Now that a filing has been received the FEC may send the organization a request for additional information about its use of receiving addresses for its ‘depository.’  The FEC regulations currently state, “A campaign depository is an account at a state bank, a federally chartered depository institution (including a national bank), or a depository institution with accounts insured by certain federal agencies.” Also, in advisory opinion 2000-30, the FEC “concluded that securities accounts and similar brokerage accounts do not qualify as campaign depositories, even if the account holder can disburse funds directly from them.”

In November the FEC could not reach agreement on an advisory opinion relating to the use of bitcoins. The staff of the General Counsel’s office had proposed approving the receiving of bitcoins as ‘in-kind’ contributions, but also required the bitcoins to be sold and the proceeds deposited into a campaign depository before being used to make a disbursement. View earlier postings on the draft opinion and the FEC deadlock. View earlier Roll Call article on bitcoins as contributions.

The website for Bitcoin Voters PAC does not have an activated donation feature at this time.

Update: View their 1/6 press release.