California commission outlines campaign disclosure requirements for crypto
The California Fair Political Practices Commission (FPPC) has updated its campaign disclosure manuals, with revisions including detailed rules for cryptocurrency contributions declarations.
An agenda released for an upcoming commission meeting includes a discussion of updated campaign disclosure manuals, which have been reworked to reflect recent changes to legislation and commission regulations.
The updates include campaign contribution limits, limited liability companies disclosure requirements, behested payment reporting, cryptocurrency contributions, excessive contributions, advertising disclosure requirements and other non-substantive technical changes.
Related: Consumer Federation of California reattempts to regulate crypto companies
Also included are guidelines for reporting cryptocurrency contributions.
According to the guidelines, a political committee may solicit a crypto contribution as a non-monetary contribution subject to specific requirements. Cryptocurrency contributions are subject to applicable limits and may not be accepted from foreign principals, lobbyists or anonymous sources.
Committees are also barred from receiving cryptocurrency contributions directly in peer-to-peer transactions. Cryptocurrency contributions can be received through payment processors selected to act as a vendor on behalf of the committee.
The commission also requires cryptocurrency donations to be made and received through United States-based payment processors registered with the U.S. Department of Treasury and the Financial Crimes Enforcement Network, which use Know Your Customer (KYC) protocols to verify the identities of contributors.
Committees thatopt to solicit contributions in cryptocurrencies are expected to confirm that
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