“I suppose if one wanted to be overly precise, the donation of Bitcoin could be considered an in-kind, which then the campaign ‘sold’ for cash, but that seems like an unimportant nuance,” he added. “The key part of campaign finance disclosure is knowing who gave how much to whom, not the details of how.”

The Government Accountability Board, the nonpartisan agency charged with enforcing Wisconsin election law, does not believe the issue is that clear-cut.

At an April 17 meeting of the GAB board, Jonathan Becker, head of the agency’s ethics division, said that he would instruct staff to tell candidates that Bitcoin contributions are not allowed unless the board enacts a policy to specifically allow the transactions.

Earlier in the meeting, according to the minutes, Becker, a former Dane County Board chairman, had suggested that Bitcoin contributions are similar to in-kind donations of gift cards. But retired Judge Elsa Lamelas drew what she said is a key distinction: The dollar value of Bitcoin changes, unlike that of a gift card.