Baffled by Bitcoin? Here’s How Cryptocurrency Works
The state board that enforces campaign finance rules in North Carolina won’t allow candidates to accept donations in Bitcoin or other cryptocurrencies.
Emmanuel Wilder, a Republican from Morrisville running for the Legislature, asked earlier this year whether he could accept donations in digital currency, and had some suggestions for how to value it. The Federal Election Commission in 2014 allowed candidates for federal office to accept Bitcoin donations.
Kim Westbrook Strach, state elections executive director, told Wilder in a letter this month that cryptocurrencies cannot be reliably valued.
State campaign finance laws are written with monetary limits expressed in U.S. dollars, she wrote.
“We do not have the confidence that we could adequately regulate contributions to a political campaign in North Carolina in the form of cryptocurrency,” Strach wrote.
Wilder sent out a statement that he was disappointed, but appreciated the state board’s consideration.
“Blockchain and other technologies hold the ability to improve how business and public institutions operate day to day,” Wilder said in a statement. “Although it might not be today, there will be a day when this technology will have a place in the political process.”
Wilder is running against incumbent Democrat Gale Adcock of Cary in House District 41 in western Wake County. As of June 30, Wilder had raised about $9,500 for the race, and Adcock had about $122,500.