The future of political donations in crypto is uncertain in Kansas as lawmakers propose a $100 cap on contributions.
Lawmakers in the Kansas House of Representatives have introduced a bill proposing to amend the legislature’s rules on political campaign donations.or accept crypto contributions of more than $100 for any political candidate in the state’s primary or general election. For donations under $100, the receiver would need to “immediately convert” the crypto to U.S. dollars, not use the crypto for expenditures, and not HODL the funds.
The proposed bill included provisions that seemed to be aimed at mitigating foreign contributions to elections in Kansas, by requiring personal information from those sending crypto — including “that they are not a foreign national”. Crypto campaign contributors would also have to send the funds through a U.S.-based exchange with certain Know Your Customer requirements.
The $100 cap would be based on the “fair market value” of the crypto at the time the contribution was received. Kansas lawmakers firstKansas Governmental Ethics Commission said in 2017 that cryptocurrency contributions were “too secretive”, specifically referring to Bitcoin (
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