Democratic House Representatives in Minnesota are adamant that they do not want cryptocurrency to be accepted as political donations. Four Democratic House Representatives want to outlaw crypto donations to politicians. The following have introduced the Minnesota House Bill 2884:
- Rep. Rick Hansen (D)
- Rep. Jamie Becker-finn (D)
- Rep. Raymond Dehn (D)
- Rep. Peter Fischer (D)
The group want to outlaw “from any source a contribution or donation of any digital unit of exchange, including but not limited to bitcoin, that is not backed by a government-issued legal tender.”
The fate of stablecoins remains unclear.
An individual, political committee, political fund, principal campaign committee, or party unit may not solicit or accept any contribution or donation of any digital unit of exchange, including but not limited to bitcoin. An individual, political committee, political fund, principal campaign committee, or party unit that knowingly solicits or accepts any digital unit of exchange is subject to a civil penalty imposed by the board of up to $3,000. A person who knowingly accepts any digital unit of exchange in violation of this section is guilty of a felony.
As crypto has begun to enter politics, the passing of this Bill may become a serious deterrent for certain voters. Andrew Hemingway was the first candidate to accept bitcoin as a donation as far back as 2014. Many others are following suit, such as Andrew Yang who seems to be accepting crypto donations for his presidential bid.
The Bill was introduced by the representatives on May 14, 2019 and the House is currently in recess, which is why there has been no further information.