A proposed bill in the Louisiana House of Representatives aims to formally allow political campaigns to receive donations in cryptocurrency. The bill was introduced on February 25 and will be introduced to the House of Representatives during the upcoming regular session.
The bill, sponsored by Rep. Mark Wright, proposed that candidates, public officials and political committees could accept cryptocurrency donations. Candidates will also be required to record and disclose any cryptocurrency donations. But the bill also states that candidates will not be able to trade in cryptocurrencies directly, only by converting them to fiat currency.
Essentially, the bill aims to treat cryptocurrency donations as a form of “in-kind” donations, i.e. goods or services other than money. At the federal level, cryptocurrencies are not considered legal tender. The bill also seeks to define cryptocurrencies as virtual currencies under Louisiana law.