The Michigan Secretary of State has formally barred cryptocurrencies from being used as donations to political campaigns, according to a letter published last Thursday.

Michigan state legislature candidate William Baker, who lost his race in the Nov. 6 election, asked how cryptocurrencies’ value may be recorded for political donations, as well as how they may be used. He also asked whether cryptocurrency exchanges qualify as valid secondary depositories for storing digital assets.

In its response, the department disagreed with Baker’s premise that “it is ‘self-evident’ that digital currency is a valid way to receive political contributions,” writing that “the law does not authorize such a vehicle, and the Department has never determined that digital currencies are a valid way to receive political contributions.”

Continue Reading on CoinDesk

Like this: Like Loading...