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Senate hearing on SB 310 weighs allowing cryptocurrency campaign contributions with KYC and conversion rules
Summary
At a Federal and State Affairs hearing on SB 310, committee staff briefed a proposal to permit cryptocurrency campaign contributions through U.S.-based, FinCEN-registered processors with KYC, require conversion to U.S. currency within three business days, value contributions at fair-market value, and prohibit campaigns from making expenditures in crypto; sponsors and members debated practical enforcement and treasurer burdens.
The Senate Federal and State Affairs committee heard testimony and extensive questions on Senate Bill 310, which would allow political campaigns to accept cryptocurrency contributions under specified safeguards.
Committee staff summarized the bill's key provisions: contributions must be made and received through U.S.-based payment processors registered with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network and using know-your-customer (KYC) procedures to identify and report…
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