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Kansas Looks to Cap Crypto Political Campaign Donations at $100
The U.S. state is looking to amend its campaign financing rules to require donors' names and addresses be collected – and mandate contributions be made strictly via U.S.-based entities.
Updated Feb 15, 2023, 3:13 p.m. Published Feb 15, 2023, 1:54 p.m.
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The Kansas state legislature is looking to cap individual crypto donations to political campaigns at $100 by amending its campaign finance law.
New amendments under consideration could also require recipients of crypto donations to obtain the contributor's full name, physical address and an affirmation they are not a foreign national.
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The rules also propose that crypto contributions "may only be accepted if the contribution is made and received through a United States-based cryptocurrency payment processor" that can reasonably confirm the identity of the original contributor, the document said.
In 2017, the U.S. state told campaigns to abstain from accepting crypto donations while the Kansas Governmental Ethics Commission studied the issue. The amendments to the Kansas campaign finance act were introduced on Jan. 25, while a hearing on the bill was scheduled for Tuesday.
"No person shall make or accept any cryptocurrency contribution for any candidate or candidate committee that in the aggregate exceeds $100 for any one primary or general election from any one person," the document said.
While Kansas may have been wary of crypto campaign donations, several U.S. politicians have accepted contributions in crypto. Donations from individuals and entities with ties to crypto are under scrutiny after the collapse of crypto exchange FTX sent ripples through the industry. Founder Sam Bankman-Fried had made significant contributions to U.S. politicians.
Read more: Congress' FTX Problem: 1 in 3 Members Got Cash From Crypto Exchange's Bosses
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